Brokers remain confident about the 2021 lending environment, according to the latest Shawbrook Broker Barometer.
Over two-thirds (67%) of commercial brokers said they were confident about the UK lending environment this year, while over two-fifths (44%) said they were confident about the economy British in 2021.
In addition, 60% of advisors say they are confident about the growth of their business in the coming year.
Two-fifths of brokers have never pleaded the case for interest only for those over 55
Almost a third of brokers said they saw an increase of 20% or more when comparing trading volumes at the start of 2020.
Likewise, comparing current business volumes to April 2020, 58% of brokers saw an increase of 20% or more, with 22% reporting business volumes up over 40%.
When reviewing the challenges for the coming year, trading brokers listed lending restrictions (74%), valuation issues (66%), and COVID-19 restrictions (47%) as the top three major challenges for their business in 2021.
In terms of the challenges clients face this year, assessment issues (52%), personal financial challenges (46%), and job certainty (42%) were among the top three perceived issues.
Emma Cox, Director of Real Estate Finance Sales at Shawbrook Bank, said: “The optimism among brokers, even in the face of lingering uncertainty as we continue to navigate the COVID-19 situation, is great to see.
“The growth in business volumes compared to the start of last year implies a robust recovery, which should fuel the positive outlook for the coming year.
“Despite the optimistic outlook, as we move towards Lockdown 3.0, we understand that many brokers still face challenges, which is why it remains crucial for lenders to continue to work closely with brokers at over the next few months.
“This is a top concern for Shawbrook and we plan to continue investing in our business with an unchanged product and systems development program, supported by a strong desire to lend in all of our markets.”