A new report that examined levels of confidence among mortgage advisors in the UK during 2024 Q1 has found that overall optimism bounced back to the level it was at before the mini budget.
The Intermediary Mortgage Lenders Association (IMLA) has published its Mortgage Market Tracker for that quarter. It shows that advisors felt notably more optimistic about the overall market than they had during the previous quarter. 24% of the advisors that IMLA spoke to said they were ‘very confident’, while 62% stated that they felt ‘fairly confident’ about the state of the market.
By contrast, the respective figures for the last quarter of 2023 were 14% and 60%. Furthermore, the overall mortgage market is not the only area where advisor confidence levels have improved.
88% said that they were either ‘fairly confident’ or ‘very confident’ about the mortgage advice sector, compared with 84% who felt that way during the final quarter of last year.
What this shows is the highest levels of confidence among mortgage advisors since the second quarter of 2022. That was the last period before the mini budget announcement by Liz Truss and Kwasi Kwarteng.
In terms of their own companies, 42% of advisors stated that they felt ‘very confident’ about the future. A further 53% indicated that they were ‘fairly confident’.
Kate Davies from IMLA said to Financial Reporter that:
“The mortgage market has proved to be remarkably resilient through a very tough economic period, and these results suggest growing optimism.”
This will ensure that CeMAP training remains in high demand.
