More than half of mortgage brokers missed their sales targets last year during a period when the pandemic savaged large parts of the UK economy.

In total, 54 per cent of brokers said they had “slightly” undershot their 2020 targets (30 per cent), or “substantially” missed their goals (24 per cent), according to a poll by specialist lender United Trust Bank.

However, the survey reports that 23 per cent of brokers say 2020 “exceeded” their expectations.

UK house prices rose by six per cent last year, according to a report by Halifax earlier this month, but the lender is predicting “downward pressure” on values in 2021.

After the initial shock of the global health crisis, prices lifted in the second half of the year, spurred by stamp duty holidays announced by chancellor Rishi Sunak last July. This move ends on 31 March.

However, Halifax managing director Russell Galley said the renewed national lockdown and a widely predicted rise in unemployment will constrain the UK economy, meaning that “downward pressure on house prices remains likely as we move through 2021.”

In the United Trust Bank poll, 52 per cent of brokers describe the year ahead as “challenging”, but almost as much, 44 per cent, called it “exciting”. Four per cent labelled it as “worrying”.

In 2021, brokers intend to focus investment on digital technology and back-office processes, as well as teambuilding and developing a strong workplace culture, says the survey.

In the face of the work-from-home culture that spread across the economy last year, 69 per cent of brokers said they intend to be “more mindful” of a greater work/life balance in 2021, with 49 per cent planning to be more flexible about working from the home or the office.

United Trust Bank chief executive Harley Kagan says: “The Covid-19 pandemic continues to create challenge and uncertainty but it’s encouraging to see that 44 per cent of property and commercial finance brokers achieved or exceeded their 2020 targets and many are looking forward to this year with enthusiasm.”

Formed in 1955, United Trust Bank provides asset finance, motor finance, bridging finance, development finance, specialised mortgages, and structured finance.

The survey was carried out by 102 brokers operating in the property and asset finance sectors in the second week of December.