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‘Enormous stress and strain’ on brokers as high activity drives sleepless nights – Crystal

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  • 06/10/2020
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Only 13 per cent of brokers are currently getting the recommended eight hours of sleep a night, Crystal Specialist Finance’s (CSF) Health and Wellbeing survey has found.

 

The majority of brokers have not been getting enough rest as the market goes through a busy period, caused by pent up demand and the stamp duty holiday.

Some 23 per cent of respondents said they never slept for eight hours and 62 per cent said they only got enough sleep a few days a week. 

When asked about overall contentment, 35 per cent of brokers said they were moderately content while 16 per cent said they were disillusioned with their working lives. 

However, most brokers are satisfied with their work as a quarter were happy with how things were going and 22 per cent said they loved their job. 

Over 100 mortgage professionals were surveyed, and 95 per cent were directly authorised mortgage brokers or appointed representative while five per cent were professional introducers. 

The findings echo some of those from Twenty7 Tec which highlighted that it was seeing thousands of searches being conducted by advisers late into the night.

 

‘Enormous stress and strain’

The survey forms part of CSFinitiative to support mental health both in and out of the workplace. The company partnered with mental health charity Mind in August as part of this campaign. 

Jason Berry, CSF’s group sales and marketing director, said: “I’m not surprised that our sector is seeing a huge number of brokers not receiving enough sleep.

“The pent-up consumer demand which built from the last week of March to the end of June has seen recent transaction levels rocket and many brokers are undoubtedly working harder than ever to satisfy clients. 

“The stamp duty holiday and revised permitted development rules, which make planning consents easier, are helpful but both are likely to mean the high consumer demand continues.  

He added: “On the surface this appears to be great news but there will be enormous stress and strain on our broker community which is heightened further by the latest Covid trends. 

“We already have 16 per cent of brokers totally disillusioned and I fear this will increase significantly in the coming months. I hope our health and wellbeing campaign can deliver expert hints and tips but most importantly supply meaningful tools which support those brokers most in need.” 

 

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