Majority of brokers optimistic about their prospects

Some 92% of brokers are confident about their prospects for the next 12 months, according to the latest research from Masthaven Bank.

This is an increase in positivity compared to the 87% reported in the bank’s previous Broker Beat survey. 

In addition, 77% of the 186 brokers surveyed said they expect their sales and revenue to increase this year, with close to half (42%) predicting double-figure growth.

Only 3% expect their sales to decline.

In terms of the outlook for the property market as a whole, 88% of intermediaries felt ‘confident’ or ‘very confident’ about how it will fare over the next 12 months — an uptick on the 71% who stated the same level of confidence at the end of last year.

According to the lender, this could reflect rising optimism as the country returns to some level of normality.

When asked about the challenges facing their business, just over a quarter (26%) of brokers said that economic uncertainty was the biggest hurdle their business was facing, a fall from 30% who said the same in December 2020. 

A quarter of brokers (25%) are concerned about lenders' service levels, while 16% believe the biggest problem they face is further local or national lockdowns due to Covid-19. 

Rob Barnard, director of intermediaries at Masthaven (pictured above), said: “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.”

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