Broker confidence has improved over the last six months with 92% of advisers reporting that they feel positive about their prospects for the year ahead, compared to 87% at the end of 2020, research by Masthaven has found.
The lender’s latest survey reveals that 88% of advisers say they are “confident” or “very confident” about the prospects for the property market as a whole, up from 71% in the last poll.
Of the 186 advisers questioned, 77% expect their sales and revenue to increase this year and 42% forecast that their growth will be in double figures.
Just 3% expect their sales to decline.
When asked about the challenges facing their business 26% highlighted economic uncertainty as the main threat, down from 30% who said the same in December 2020.
Meanwhile, 25% reported that they were concerned about lenders’ service levels and 16% stated that further lockdowns would present the biggest challenge.
Masthaven director of intermediaries Rob Barnard says: “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.
“The government’s various Covid support initiatives will be coming to an end soon, with the furlough scheme expected to wind down in September.
“The withdrawal of this support will undoubtedly be felt by some borrowers.
“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.”
