Masthaven, the UK bridging loans and development finance bank, has published the results from its latest research, which shows 92% of brokers are feeling positive about their prospects over the next year.
Of the 186 brokers surveyed, 77% expect their sales and revenue to rise, with 42% predicting double figures for their growth in the next twelve months. Only 3% predicted a decline in their sales to come.
Confidence was shown to be high overall by this research, with 88% feeling ‘very confident’ or ‘confident’ about the market for the coming year. This is an increase from the last research undertaken by Masthaven, showing a certain level of normality returning to the country.
Economic uncertainty is the biggest challenge that companies are facing according to 26% of brokers, and 25% reported concern about service levels from lenders. Just 16% of respondents felt the biggest challenge to be faced is further lockdowns, on either a local or national level, due to the pandemic.
Rob Barnard, director of intermediaries at Masthaven, said: “Broker confidence has climbed even higher since the start of the year, reflecting the current strength of the property market, as well as general optimism surrounding the UK’s vaccine rollout and the easing of lockdown restrictions.
“The industry has worked tirelessly to support homebuyers since the start of the pandemic.
“This hard work, combined with pent-up demand from early 2020 and government support in the form of the stamp duty holiday, has resulted in a booming property market – but there are still challenges on the horizon.
“The government’s various COVID support initiatives will be coming to an end soon, with the furlough scheme expected to wind down in September.
“The withdrawal of this support will undoubtedly be felt by some borrowers.
“As the market enters this next phase, brokers and lenders alike will need to work together closely to support all customers, but particularly those who have been affected heavily by the pandemic.
“Innovation and collaboration will be key in ensuring the industry continues to provide products tailored to customers’ needs.”
Original article featured here…
In December, Masthaven published the last Broker Beat, which showed confidence among brokers for 2021. 256 intermediaries were surveyed and 71%, only a 6% fall from January 2020, were optimistic about the market in 2021.