Brokers remained confident in Q1 despite COVID-19
Intermediaries remained confident in their own businesses’ outlook throughout the first quarter of 2020, research from the Intermediary Mortgage Lenders Association (IMLA) found.
This is despite falling confidence in the wider mortgage market in March due to the COVID-19 outbreak.
Kate Davies, executive director of IMLA, said: “It’s no real surprise that the coronavirus lockdown and effective closure of the purchase market led to a decline in intermediary confidence in March. And the market’s future remains highly uncertain in the short-term.
“However, 2020 started on an optimistic note and there is every reason to believe the mortgage market will return to strength in the long-term. There are homeowners still looking to move and first-timers hoping to buy. The pent-up demand we saw earlier this year could return and lead to a surge in business when life begins to settle post-lockdown.
“In the meantime, mortgage intermediaries have adapted well in response to the crisis. We have seen a rise in the adoption of digital tools such as video calls to deliver advice and platforms to enable remote working, for example, while brokers also shifted their focus under lockdown to remortgage and product transfer activity.”