Harley Kagan

Majority of brokers are prepared for a second wave of Covid-19, survey shows

Some 81% of property and commercial finance brokers believe they are prepared for a second wave of Covid-19, the latest United Trust Bank Broker Sentiment Survey has revealed.

The study — with over 130 participants — also found that nearly a third (32%) of respondents are currently busier than they were this time last year, with 27% as busy as this time last year, and 17% reported they were busier than they have ever been.

As a result, some 21% suggested that they intended to increase the number of permanent staff.

Just 24% reported lower levels of enquiries.

When asked about their arrangements for flexible working, 46% are considering maintaining their current home or remote working arrangements over the next 12 months, while only 15% said they would be aiming to bring all their staff back to the office.

A further 18% are considering increasing their working from home capability, and 42% of brokers indicated that their business would be increasing investment in technology over the next year.

Harley Kagan, group managing director at United Trust Bank (pictured above), said: “The government has indicated that a second wave of coronavirus is building, local lockdowns are already in place around the UK, and further restrictions appear inevitable.

“It’s therefore encouraging to see that most brokers consider themselves prepared to deal with the challenges a second wave may bring.

“With so many also reporting good levels of business, there’s a strong sense within the specialist finance industry that, whatever happens, many lenders and brokers have the technology and processes in place to maintain their operations.”

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