Majority of Brokers are positive about the outlook for their businesses in 2020

86% of brokers have described the outlook for their business in 2020 as positive in United Trust Bank’s (UTB) most recent Broker Sentiment Survey. More than three quarters of brokers (77%) also have a positive outlook for the UK economy in 2020 and 65% are positive about the outlook for the UK’s residential property market this year.

UTB’s survey polled over 100 commercial finance brokers working in the fields of property and asset finance and was carried out since the Conservative Party won the December 2019 General Election. In a previous UTB survey, 59% of brokers correctly predicted that the Conservative Party would win the election with an overall majority.

How would you describe the outlook for your business in 2020?

Positive 86%
Negative 4%
Neutral 10%

How would you describe the outlook for the UK economy in 2020?

Positive 76%
Negative 8%
Neutral 16%

How would you describe the outlook for the UK residential property market in 2020?

Positive 65%
Negative 7%
Neutral 28%

Harley Kagan, Group Managing Director of United Trust Bank, commented: “Whatever your views on the election result, there’s no denying that the Conservative Party’s convincing victory has increased certainty about Brexit actually happening, even if the detail is still unclear.

“It is encouraging therefore that a majority of brokers are feeling positive about the UK economy, the residential property market and the outlook for their own businesses. Whilst being mindful of the unexpected, we share their positivity about the future. People still need homes and someone to build them and SMEs still need to serve their customers. Both will need the advice of trusted brokers and the support of pragmatic and experienced lenders like UTB when it comes to funding their projects and investing in their businesses.

“At UTB we’re looking back on a successful 2019 with continued growth in our lending and considerable investment in the people and technology which will help us to deliver our ambitious plans for the next few years. We look forward to working closely with all our broker partners to ensure that 2020 is a successful year for all of us.”