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Less than a third of brokers predict bright economy despite busy Q1

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  • 06/06/2016
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Less than a third of brokers predict bright economy despite busy Q1
Despite a busy start to the year for more than a third of brokers in the bridging, development finance and asset finance sectors, a survey found that only a minority predicted a bright economy in the UK over the next three years.

The research from specialist lender United Trust Bank, found that 38% of brokers surveyed reported a busy start to 2016 and 32% indicated that they’d received a ‘good’ level of enquiries, with just 10% reporting lower levels of interest.

However, when asked to describe their outlook for the UK economy over the next three years, just 28% anticipated that it would be ‘bright’.

Harley Kagan, managing director of United Trust Bank, said business volumes at the bank’s own asset finance division were 80% higher in the first quarter of the year than in the first three months of last year, adding that uncertainty in the economy is growing as the Brexit referendum approaches.

“The EU referendum is just weeks away and uncertainty over the outcome is bound to cause some people to wait for the result before making important decisions about their businesses or their own finances,” said Kagan.

“A vote to leave the EU could have repercussions for the UK economy for many years to come. But whatever the nation decides, SMEs, developers and homeowners will still need funds to invest in their businesses and their homes, and we will be here to support them.”

The survey also found that over a third (34%) of brokers felt that volatility in the financial markets could be detrimental to their business this year.

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