Broker optimism hits 5-year high
Out of 100 brokers who were questioned on the prospects on the intermediary sector 95% were confident, a 7% increase on the previous quarter.
All the brokers surveyed were confident about the prospects for their own firms, compared to 85% in Q4 2013.
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.”
The number of brokers supremely optimistic about their business also increased, as 65% said they were ‘very confident’.
Brokers cited a number of reasons for their optimism including the Mortgage Market Review.
There was marginal decrease in the number of cases written per broker however, which decreased to 75 from 77 in the previous quarter.
Business from homemovers and first-time buyers remained steady in Q1 2014, while volumes were down for remortgatge and buy-to-let applications.