Uncertainty over the long-term effects of Brexit is the greatest challenge facing brokers, according to a survey by United Trust Bank.
The ‘broker sentiment survey’ found that, of the 130 brokers that responded, 41% said Brexit was a key challenge that would affect their ability to reach business goals in 2017.
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Possible increases in the cost of borrowing and inconsistent decision making from lenders were both described by 29% of respondents as among the major challenges.
United Trust found that a quarter cited a shortage of experienced staff as a key concern, and 24% said that problems created by valuers, lawyers, and other similar workers would prove to be an issue.
Increased competition and increased regulation were both assessed by 22% of respondents to be key challenges, while a reduction in lending appetites and generating new customer and business enquiries were both cited by 17% of respondents. Only 11% reported that they saw no barriers to achieving their business goals in 2017.
Harley Kagan, group managing director of United Trust Bank, said: “The results of this survey demonstrate just how many challenges brokers and lenders have in common. Uncertainty over the outcome of Brexit is understandable and unavoidable.”
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