New research reveals optimism among brokers about the future of the UK mortgage sector – despite a challenging economic backdrop, including stamp duty rises and falling rents.
The Nottingham Building Society found that 82% of mortgage brokers report feeling more positive about the sector’s prospects now compared to the start of 2024.
This optimism is further bolstered by nearly four in five (79%) brokers expressing confidence that the housing market will experience growth over the next three years, giving more borrowers the chance to make their dreams of homeownership a reality.
To reach this state of growth though, brokers are wary of the need to navigate ongoing challenges.
The top concerns were: Uncertainty over the wider economy (35%); Continued high interest rates (27%); The ongoing cost of living crisis (24%); High house prices (22%); and The lack of new homes being built in the UK (22%)
Despite overall optimism, brokers also shared where they see room for improvement in the sector.
Within the results, 41% of brokers said that the mortgage process is the same or slower than it was two years ago, prompting a further 31% to call for greater progress in introducing technology to streamline the application process and help borrowers secure their homes more quickly.
According to Nottingham Building Society, an ongoing dialogue with brokers to understand their sentiment and act on their feedback is essential to meet the evolving needs of borrowers in a volatile economic climate.
A society spokesperson says: “We are committed to maintaining this ongoing dialogue with brokers to understand their concerns and pressures, so that we can evolve our products and services to serve them and their clients.
“As lenders we can’t ignore the concerns brokers are voicing, including the speed of the mortgage process and their calls for further integration of technology to streamline the process. It is only by continuing to collaborate with brokers and the industry we can enhance our offering, helping borrowers to achieve their homeownership goals. Together, we have a responsibility to drive the progress that will ensure the sector’s long-term growth and success.”