Majority of commercial finance brokers back to full capacity – UTB

by:
  • 09/07/2020
  • 0
Majority of commercial finance brokers back to full capacity – UTB
More than half of commercial finance brokers surveyed by United Trust Bank say they are back to operating at their pre-Covid-19 level of capacity.

 

A further 18 per cent are operating with two thirds of their staff back at work. Only two per cent of brokers said their businesses were closed.

The survey, of more than 120 brokers in the last week of June, revealed a largely positive view about brokers’ ability to recover from the effects of the Covid-19 lockdown.

Some 40 per cent of advisers said currently less than a quarter of their staff were based in the office, but 72 per cent of respondents expected to have all their staff back in the office on a regular basis by the end of October.

However, almost 20 per cent of brokers surveyed said it was unlikely their companies would return to the working arrangements that were in place before the lockdown.

The majority of brokers said they wanted to maintain a flexible, home working style when the pandemic was over.

Three quarters of brokers said social distancing was not detrimental to their business.

The majority of brokers said they thought it would be next year before their business levels recovered to pre-pandemic levels, while 40 per cent said normality would return in quarter four this year. Just five per cent thought it would take until 2022.

Harley Kagan, group managing director of United Trust Bank, said: “The relaxation of social distancing measures and travel restrictions has enabled many staff to return to work, though clearly it will be some time before brokers and lenders can be fully staffed, and that’s if they choose to return to the same working practices they had in place before the pandemic hit.

“Technology has certainly made flexible and home working a viable and sustainable option for many businesses and UTB’s considerable investment in fintech over the last two years has been money well spent.

“How long it takes for property and asset finance markets to recover remains to be seen and broker opinions are divided. The threat of a second wave of Covid-19 is ever present and avoiding another widespread lockdown is vital to the recovery of our industry and the UK economy as a whole.

“Recent events in Leicester show how easily the pandemic can resurface and extend disruption and we hope brokers, colleagues and customers stay safe and well,” he added.

There are 0 Comment(s)

You may also be interested in

Read previous post:
Chancellor should have axed stamp duty surcharge to help boost rental supply – Rowntree

The chancellor’s decision to temporarily cut stamp duty for transactions below £500,000 is a welcome one, but not going further...

Close