BDRC Continental questioned 100 brokers on the prospects for the mortgage industry, the intermediary sector and their own business over the first quarter of 2014. The findings revealed that 95 percent of brokers were confident about the mortgage market, representing a 7 percent increase on the previous quarter and a significant 11 percent increase on the same quarter in 2013.
Continuing the upward trend, 100 percent of brokers surveyed were confident about the prospects for their own firm, up 15 percent compared to the same quarter in 2013. A wide variety of reasons were cited including the Mortgage Market Review with some brokers anticipating an increase in business.
The share of brokers confident in the performance of their own business also increased. This quarter saw the greatest proportion of brokers respond as being “very confident” (65%) since the survey began.
Brokers reported a marginal decrease in the average number of cases being written per individual broker in the first quarter, down to 75 from 77 in the previous quarter; however this is an increase of 7 cases compared to Q1 2013. In terms of the type of business being conducted, brokers are reporting that in the first quarter business from both homemovers and first time buyers remained consistent, with volumes down this quarter for remortgage and buy-to-let applications.
Ian Wilson, head of Halifax Intermediaries said:
“It is encouraging to see a record level of confidence amongst brokers over the last quarter. Whilst the industry is going through a period of change as lenders, brokers and customers get to grips with the requirements of MMR, it’s even more impressive that the outlook is so positive that brokers are stoic in their attitudes and outlook for the market.”
