- This was an increase from 87% at the end of 2020, according to Masthaven’s latest Broker Beat research
- 88% are ‘confident’ or ‘very confident’ about the prospects for the market as a whole
- Over three quarters (77%) of brokers expect their sales and revenue to increase this year
New research from Masthaven Bank
has found that broker confidence has increased since the start of 2021. The survey of 186 brokers found that almost all (92%) were confident about their prospects for the next twelve months. This was an increase in positivity among brokers since the end of 2020, when 87% of respondents described themselves as confident about their company’s prospects.
Over three quarters (77%) of respondents also said they expect their sales and revenue to increase this year, with close to half (42%) predicting their growth this year to be in the double figures. Just 3% expected their sales to decline.
The brokers surveyed also expressed confidence about prospects for the property market as a whole – 88% said they were ‘confident’ or ‘very confident’ about the market’s prospects for the next twelve months. This was a sizeable increase from the 71% who reported the same level of confidence at the end of last year, perhaps reflecting increasing optimism as the country returns to some level of normality.
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.”
When asked about the challenges facing their business, just over a quarter (26%) of brokers said that economic uncertainty was the biggest challenge their business is facing, a fall from 30% who said the same in December 2020. A quarter of brokers (25%) reported that they were concerned about lenders' service levels and 16% said they believed that the biggest challenge they face is further local or national lockdowns due to Covid-19.
Rob Barnard continued:
“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.”
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About the research
The research was conducted by Masthaven, with 186 individuals working within the specialist lending industry. Respondents were asked questions regarding thoughts on the mortgage market and direction their company will be moving in over the next twelve months.
About Masthaven Bank
Masthaven launched as a retail bank in 2016 and offers award-winning saving and lending products. Prior to that, Masthaven Finance has provided a flexible and personalised approach to bridging loans and secured lending since 2004.
Today, the bank’s knowledgeable and experienced specialists are committed to providing customers with flexible and fixed term savings accounts, bridging loans, development finance and mortgages.
Masthaven was recognised as Specialist Lender of the Year (Southern Regions) in the 2021 MoneyAge Mortgage Awards. In 2020 the bank was named the Most Innovative Digital Retail Bank UK by CFI, the third consecutive win for the category. Masthaven won Best Second Charge Mortgage Lender in the Your Mortgage Awards 2018/19 and Customer Service of the Year in the Money Age Mortgage Awards in 2019. It was also awarded Best Specialist Lender in the Moneynet Personal Finance Awards 2019.
Masthaven Finance has featured in 2015’s The Sunday Times’ Virgin Fast Track 100 (at number 81) and the bank ranked 240 in Financial Times’ FT1000 list published in 2017. In 2020 it featured in Forbes as one of the top 10 fastest growing companies in the UK.
The bank is regulated by the Financial Conduct Authority and Prudential Regulation Authority.