Nearly half (47%) of brokers operating in the fields of property and asset finance regularly work over 50 hours a week, according to a survey carried out by United Trust Bank.
Figures released this month by the Office for National Statistics reveal that the average working week for a full-time UK employee between February and April this year was 37.5 hours. Three quarters (76%) of brokers who responded to the recent United Trust Bank broker sentiment survey indicated that they regularly work 40 hours or more per week and 23% estimate that including time put in during evenings and weekends, they work around 56 hours or more in an average week.
Average hours brokers work per week:
|Hours worked per week||% of brokers|
|30 hours or less||7%|
|31 to 40 hours||17%|
|41 to 50 hours||29%|
|51 to 55 hours||24%|
|56 to 60 hours||16%|
|61 hours or more||7%|
However, for many brokers those extra hours are being devoted to tasks which don’t drive revenue. One third (33%) of brokers are spending 6 to 10 hours per week dealing with issues such as regulation, accounting, staff management and IT/infrastructure. A further 28% spend in excess of 10 hours a week on administration rather than business generation.
Average hours brokers spend on non-income generating tasks
|Hours spent per week||% of brokers|
|Less than 1 hour||6%|
|1 to 5 hours||34%|
|6 to 10 hours||33%|
|11 to 15 hours||13%|
|16 to 20 hours||8%|
|20 hours or more||6%|
Harley Kagan, Group Managing Director of United Trust Bank, commented:
“This survey proves what we already knew; that brokers are working harder than ever to help their clients source and secure the funds they need to invest and grow.
“At UTB we’ve also had a busy first half of 2017 and we’re no strangers to long hours ourselves. Despite the challenges thrown at us by political and economic uncertainty together with an increasing burden of regulation, we’re firmly committed to helping the UK’s smaller house builders, property developers and SMEs seize opportunities as they arise. By constantly reviewing and improving our processes and employing technology where it can bring real benefit, our aim is to continue to be a reliable and efficient lender helping broker partners to work smarter not harder.”