Brexit uncertainty the biggest challenge for brokers

By Harley Kagan, group managing director

The factor most likely to affect brokers’ success or failure this year is uncertainty over the longer-term effects of Brexit. That’s one of the findings of the most recent broker sentiment survey from United Trust Bank.

The survey, carried out in April this year, asked intermediaries from the fields of property and asset finance what they believed were the key challenges affecting their ability to reach business goals this year. 41% of brokers who responded to the survey indicated that Brexit uncertainty was their key concern, followed by an increase to the cost of borrowing (29%) and inconsistent decision making from lenders (29%). A shortage of experienced staff and the time businesses must now devote to managing regulation also concern around one in four brokers.

Just 11% of respondents believed they had no key challenges at all.

What do you believe will be the key challenges affecting your ability to reach your business goals this year?

“As a lender, that means we have to be competitive, consistent and reliable. UTB increased its lending throughout the credit crisis and has done so every year since. We’re confident in our ability to keep growing our business by helping other companies to grow theirs and whatever the future brings, from Brexit, the general election or some other unforeseen circumstances, we’ll keep supporting our broker partners and our borrowers.”

“Uncertainty over the outcome of Brexit is understandable and unavoidable. Any event which brings significant change has the potential to increase caution and delay important decisions. However, as a bank which actively supports UK SMEs and smaller house builders, we believe the best way to show our confidence in UK PLC surviving and thriving through Brexit is to keep providing the funds which enable our vibrant SME sector to invest and grow, and for builders and developers to construct thousands of much-needed new homes. It’s important that those of us involved in asset and property finance continue to encourage ambition and enable it wherever possible.