84 per cent of brokers have reported substantial increases in business compared to the same period last year, according to the latest statistics released from the Blemain Group.
84 per cent of brokers have reported substantial increases in business compared to the same period last year, according to the latest statistics released from the Blemain Group.
According to the research, brokers reported an improvement in business in the first half of 2013, as opposed to this time last year.
Specifically, brokers reported a 62 per cent increases in buy-to-let mortgages, a trend that has been widely reported recently and one which has spurred many lenders into establishing competitive B2L products.
52 per cent of brokers also agreed that there had been a significant increase in first charge mortgages, compared with 40 per cent in the same period last year.
The result represents a further improvement from when the survey was last conducted at the start of the year looking back at 2012, where 76% per cent of brokers said they had seen an improvement towards the end of 2012.
Encouragingly, this trend looks set to continue with 81 per cent of respondents from the latest survey saying they were confident their business would grow during the remainder of 2013.
Speaking on the research findings, Gary Bailey, Sales & Marketing Director, Blemain Group, said: “Our biannual survey shows an increasingly positive picture for brokers nationwide. In the first half of this year we’ve seen a lot of encouraging data from leading housing indices and industry commentators - it’s good to see that this optimism isn’t misplaced and is truly translating into improved business for brokers.”
Biggest areas of growth
When asked which areas had performed the best in the first half of the year, the top three answers were:
• Buy-to-Let Mortgages: 62% (compared to 45% for the end of 2012)
• First Charge Mortgages: 52% (compared to 40% for the end of 2012)
• Secured Loans: 42% (compared to 39% for the end of 2012)
Gary Bailey added: “It’s important that brokers are able to capitalise on this resurgence in the market, ensuring they are best placed to offer their customers the products they are looking for. It won’t only be homeowners that need advice and guidance, investors and landlords will also be looking to benefit from improving market conditions and the rental boom.”
