Some 82% of mortgage brokers said they felt positive about the future of the mortgage market despite economic challenges, a survey from a lender found.
Nottingham Building Society polled 500 mortgage brokers and found that optimism toward the market has increased since it conducted similar research last year.
Additionally, 79% of respondents said they were positive there would be growth in the housing market over the next three years.
However, mortgage brokers still held some worries, with 35% citing concerns about uncertainty in the wider economy.
Some 27% of respondents were worried about continued high interest rates, while 24% had concerns about the ongoing cost-of-living crisis.
More than a fifth – 22% – of mortgage brokers expressed concerns about high house prices, while a similar share – 22% – worried about the lack of new homes being built in the UK.
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While brokers were optimistic on the whole, they said the sector needed more innovation.
Some 41% said the mortgage process was the same or slower than it was two years ago, while 31% wanted more progress with the introduction of technology to streamline the application process.
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.
“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.”
