"There is a definite sense from the majority of the industry that for most lenders, brokers and borrowers for the time being at least, life goes on."
The United Trust Bank survey found that 31% of brokers are worried about the future of the UK and a further 13% don’t think the Referendum will change very much.
When asked how they felt the referendum result will affect their business, nearly half (49%) believed it wouldn’t affect it much at all while 32% predicted the effect on their business would be negative. Just under 1 in 5 (19%) brokers thought the Brexit would be positive for their business.
When asked about UK house prices, 62% predict no change, and 32% expect them to decrease. Just 6% expected them to increase at an accelerated rate.
Despite the widely prediced Base Rate cut to 0.25%, 43% of brokers said they expected the rate to stay the same or even increase in the first 12 months following the EU referendum.
Harley Kagan, Managing Director of United Trust Bank, commented: “We know from our previous poll that just over half of brokers (51%) were pro-Brexit and it now appears that more brokers (56%) are feeling positive about a future outside of the EU.
"Although there have been some immediate implications; a fall in the value of sterling and a slight upturn in inflation, largely linked to the currency devaluation, much of the worst of what Remain campaigners predicted would happen following a decision to leave the EU has yet to materialise. Although we are still at the very early stages of extricating ourselves from the EU, and Article 50 is yet to be triggered, there is a definite sense from the majority of the industry that for most lenders, brokers and borrowers for the time being at least, life goes on."
