Brokers hope that 2021 will be a better year for the market.

Brokers look to the coming year with optimism, after what has been a challenging 2020, according to research from Masthaven Bank.

A survey of 265 intermediaries found that almost three-quarters (71%) have confidence in the market in 2021.

Meanwhile, 87% are optimistic about the prospects for their own company next year. Almost two-thirds (63%) expect to see revenue increase, and 36% expect growth to be double figures.

“Although 2020 was difficult, we believe that everything will improve next year.”

Rob Barnard, Masthaven Director of Brokers, said: “Despite the challenges of 2020, confidence among brokers has remained remarkably resilient.”

“This is a testament to the strong collaborative effort between brokers and lenders at an unprecedented time. The industry has shown this year that it can continue to operate in extraordinary circumstances and provide the support customers need.”

“As the pandemic continues to wreak havoc on people’s finances across the UK, brokers will be key in helping many people who no longer fit the ‘entry-level’ borrower model to unlock affordable financing.”

“Looking ahead, difficult economic conditions and a possible no-deal Brexit may mean more challenges ahead. However, knowing that brokers are optimistic about 2021 should give lenders and clients greater confidence in the market and provide an opportunity for the market to expand and innovate even more.”

Optimism remains

Confidence had held as there has only been a 6% drop since the last survey in 2020 when 77% of brokers were confident of the market outlook.

When asked which areas of the market needed more innovation to grow faster, 23% of brokers said they collect first-time mortgages from first-time buyers, 19% said specialty mortgages and 11% said that the later life loan industry requires innovation.

After having endured a challenging year for the market, brokers are keen that 2021 offers them new opportunities and that the market gradually recovers. However, this will largely depend on the actions taken by Boris Johnson and his ministers.

Although many of the emergency schemes that were launched to mitigate the impact of the pandemic are expected to end, the prime minister will have the last word on this matter.

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