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Broker confidence strengthened by thriving property sector

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  • 19/07/2021
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Broker confidence strengthened by thriving property sector
Brokers are feeling more positive about business than they were at the end of last year due to a stable property market, the rollout of the Covid-19 vaccine and the easing of restrictions.

 

According to a survey conducted by Masthaven Bank, 92 per cent of brokers were confident about the next 12 months compared to 87 per cent last year. 

The survey of 186 respondents found 77 per cent expected their sales and revenue to increase this year while 42 per cent predicted growth would be in the double figures. 

Only three per cent of brokers expected sales to decline. 

Positive sentiment among brokers was extended to the property sector as a whole, reflected by the 88 per cent who were collectively either ‘confident’ or ‘very confident’ about the next 12 months. 

This was a sign of increased optimism compared to the end of last year, as just 71 per cent of brokers reported the same level of confidence at the time. 

When asked about the challenges facing their business, 26 per cent of brokers said economic uncertainty was the biggest obstacle, down from the 30 per cent who said the same in December 2020.  

A quarter of brokers were concerned about lenders’ service levels and 16 per cent felt further local or national lockdowns due to Covid-19 could threaten their business.   

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.” 

Barnard said the winding down of the various Covid-19 support initiatives would be felt by borrowers and brokers needed to be prepared.  

“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,” he added. 

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