Brokers report bright start to 2016
Some 38% of finance brokers operating in the fields of bridging, development finance, asset finance and mortgages have reported a busy start to 2016, research from specialist lender United Trust Bank has found.
A further 32% of brokers indicated that they’d received a good level of enquiries and just 10% reported lower levels of enquiries than they’d hoped for or that business was very quiet.
When asked to describe the outlook for the UK economy over the next three years the sentiment was broadly positive but the majority chose a more cautious ‘Fair’ prediction (63%) than the more upbeat ‘Bright’ (28%).
However, over a third (34%) of brokers felt that volatility in the financial markets could be detrimental to their business this year.
Harley Kagan, Managing Director of United Trust Bank, said: “It’s encouraging to see that generally most brokers have had a positive start to the year and this reflects our own experience at UTB. Our Asset Finance division has been particularly busy, with business volumes in the first quarter of 2016 80% higher than in the first 3 months of last year. Our mortgages business has also had an exceptional start with volumes doubling since the start of the year.
“The EU referendum is just weeks away and uncertainty over the outcome is bound to cause some people to wait for the result before making important decisions about their businesses or their own finances. A vote to leave the EU could have repercussions for the UK economy for many years to come. But whatever the nation decides, SMEs, developers and homeowners will still need funds to invest in their businesses and their homes, and we will be here to support them.”