There is healthy optimism among brokers about the future of the UK mortgage sector – despite a challenging economic backdrop, research from Nottingham Building Society has revealed.
The research gathered the opinions of mortgage brokers across the UK, and found that an overwhelming majority (82%) reported feeling more positive about the sector’s prospects now compared to the start of 2024.
This optimism was further bolstered by nearly four in five (79%) brokers, who expressed confidence that the housing market will experience growth over the next three years.
The top concerns cited by brokers for the year ahead 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%).
Brokers also shared where they see room for improvement in the sector.
41% of said that the mortgage process is the same or slower than it was two years ago, while 31% called for greater progress in introducing technology to streamline the application process and help borrowers secure their homes more quickly.
Praven Subbramoney, chief lending officer at Nottingham Building Society, said: “It is promising to see brokers’ optimism and feeling of resilience within the sector compared to a year ago, especially within the context of ongoing economic challenges and the pace of change across the sector.
“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.”
He added: “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.”
