Mortgage brokers in the UK have revealed increasing levels of confidence in the third quarter, after agreeing an average of 80 mortgage cases in the past 12 months.
In terms of confidence, 96 per cent of brokers were pleased with the outlook for their firm, the study from BDRC Continental and produced on behalf of Halifax revealed. This figure is 11 per cent higher than in the second quarter and up five per cent from the same quarter in 2013.
In terms of business, buy to let accounted for 18.8 per cent of all brokered agreements with homemovers accounting for 28.7 per cent and remortgages at 20 per cent. First time buyers accounted for 23.8 per cent of business with business levels increasing throughout the quarter.
The figures also suggest that the impact of new regulation on the housing market has had little impact on business or on confidence levels.
An average of 80 mortgage cases were written by brokers in the past quarte, representing a four per cent rise on the second quarter and a two per cent rise from the same quarter a year ago. This means business volumes are now nearly at the level they were at in the second quarter of 2008 before the financial crisis, Halifax revealed.
Despite the optimism, Ian Wilson, head of Halifax Intermediaries, suggested that activity levels could ease in the fourth quarter, in line with seasonal trends. He said it will be “interesting to see what the end of year figures reveal” and added that it will provide brokers with a clear idea of what to expect in 2015. Confidence in the intermediary channel saw fast growth in the third quarter, increasing by ten per cent to 86 per cent from the previous quarter.
Some 300 brokers were questioned as part of the study that looks into the prospects of the industry for coming months.
For further quarterly buy to let based data please visit our Complex Buy to Let Index. Or see how it is not only the brokers that are confident, the lenders are too.