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Brokers report business levels close to 2008

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  • 02/12/2014
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Brokers report business levels close to 2008
Brokers recorded writing an average of 80 mortgages over the past 12 months, bringing business levels close to those seen in 2008, according to Halifax.

The research carried out by BDRC Continental, on behalf of Halifax, questioned 300 brokers on the prospects for the mortgage industry, the intermediary sector and their own businesses during the third quarter of 2014.

The number of business cases written this year was an increase of 4% on Q2 and 2% on Q3 2013. In Q2, 2008 brokers were writing an average number of 89 cases a year.

Brokers reported that homemovers represented the largest single part of their business (28.7%), ahead of remortgagers (20%), first-time buyers (23.8%) and buy-to-let (18.8%).

The report also looked at broker confidence in the aftermath of the Mortgage Market Review (MMR) in Q2 this year. 

It revealed that 96% of brokers were confident in the outlook for their own firm, representing an 11% increase on Q2, and a 5% rise on the same quarter in 2013.

Ian Wilson, (pictured) head of Halifax Intermediaries, said: “Business levels have been increasing post-MMR, and by Q3 2014 we were seeing brokers writing a similar number of cases to the second half of 2008.

“However, the latest market reports indicate an easing of activity levels in the mortgage market in the fourth quarter so it will be interesting to see what the end of year figures reveal and what impact it has had on brokers outlook for their business and the mortgage market as a whole in 2015.”

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