Only half of brokers operating in the property and asset finance sectors are expecting their 2018 business results to be either ‘good’ or ‘excellent’ , according to the broker sentiment survey from United Trust Bank.
Of the 108 participating brokers, a further 35% described their 2018 performance as ‘satisfactory – around projections’ and just 14% rated their year as ‘poor’ or ‘terrible’.
The survey also asked brokers whether they were forecasting growth in their businesses next year, and if so, what level of growth they were aiming for. 30% of brokers indicated that they would be looking to maintain the levels of business achieved in 2018 whilst nearly a quarter (24%) were aiming to grow their businesses in excess of 20% next year. 8% expected their business volumes to contract in 2019.
Harley Kagan, group managing director at United Trust Bank, said: “2018 hasn’t been easy for many brokers. Uncertainty surrounding Brexit, a cooling of the residential property market and instability within the Government have all contributed to a challenging year. It is therefore pleasing to see that more than three quarters of brokers operating across the property and asset finance sectors have either achieved or surpassed the targets they set themselves at the start of the year.
“We should know in the next few days whether the Government’s proposed Brexit deal with the EU will be accepted by Parliament but at the moment it appears to have few fans in Westminster. It’s perhaps unsurprising then that many brokers are looking to simply maintain their 2018 business levels or aim for modest growth in 2019. Whether or not you like the terms being offered, greater certainty will be warmly welcomed not only by the British public but by housebuilders, developers and SMEs across the UK.”
In September United Trust Bank appointed a business development manager for asset finance, to support brokers across England and Wales. Paul Barter will be responsible for developing broker relationships in the Central region, which includes the East and West Midlands, and Wales.