A recent survey by Investec Bank reveals that 81% of mortgage brokers are optimistic about business growth over the next year.
- Despite expected growth, brokers are aware of several challenges that could affect operations.
- Key concerns include economic volatility and the impact of new regulations.
- The need to meet evolving high-net-worth client demands is significant.
- Brokers are focusing on growth strategies beyond daily operations.
The survey conducted by Investec Bank plc found an overwhelming 81% of mortgage brokers expressing optimism about business growth in the coming year. This suggests a strong belief in the resilience of the market despite existing uncertainties.
Brokers are, however, mindful of several challenges that could impact their business. Chief among these are macro-economic factors causing market instability, alongside new regulatory changes that could affect operations.
In particular, the evolving needs of high-net-worth clients pose a significant challenge. Brokers need to incorporate diverse sources of income into affordability assessments, which requires careful management.
Speed of financing remains a top priority, highlighting the necessity for brokers to act swiftly in securing deals to match client expectations.
Furthermore, achieving desirable loan-to-value ratios is crucial for maintaining competitive offers in the current financial climate.
Peter Izard from Investec mentions that the recent Autumn Statement has provided some certainty, helping brokers to plan more effectively. However, the unpredictable nature of the economy remains a concern.
Interestingly, brokers appear less focused on day-to-day survival, with a shift towards strategic growth planning. This change in mindset illustrates a new focus on long-term success rather than short-term challenges.
Despite challenges, brokers remain confident about future growth possibilities.
