TLDR

Broker sentiment for 2024 improves after torrid 2023. According to the latest annual survey from Crystal Specialist Finance of over 10,000 brokers across the UK, 31% are confident about the year ahead and fewer are worried at 8%. However, the tough market conditions of 2023 were strongly felt by brokers, with only 22% agreeing that it was a good year for their business, down from 48% in the previous year.

Some key findings from the survey include:

• 77% of brokers reported that business was the same or down on the previous year, compared to 53% in 2022.
• Top concerns for brokers in 2024 include high interest rates and interest rate uncertainty.
• High inflation is not seen as a challenge to business growth this year, unlike 2022.
• Most brokers diversified into new markets last year, with 35% moving into bridging, 28% into buy to let, and 26% into commercial lending.
• 66% of brokers expect to diversify further in 2024.
• The use of technology is increasingly important to brokers, with almost three quarters using digital case management to submit their deals.
• Brokers predict a landslide victory for the Labour party in the general election.

Key Takeaways

The survey highlights that brokers are more optimistic about 2024 compared to the previous year, despite the challenges faced in 2023. They expect to see opportunities in new markets and plan to diversify their business further. Technology is also playing a crucial role in processing cases more efficiently. However, high interest rates, interest rate uncertainty, and the cost-of-living crisis remain top concerns for brokers.