Brokers say business will grow in 2025, but expect to enter the 70s: HSBC – Mortgage Strategy
HSBC said brokers expect residential and sales businesses to jump this year, but ultimately still plan to work in the 1970s as they look forward to their careers.
Half of the consultants said the number of residential mortgage applications will increase in the next six months, and 86% expect landlord applications to “stay” during this period.
The data comes from High Street Bank’s first brokerage barometer, which surveyed 411 intermediaries on the market and how they viewed their careers last month.
Three-quarters of brokers said the Bank of England’s base interest rate will “slightly drop” in 2025, with its main interests being called domestic and world economies, political landscapes and interest rates.
The money market is expected to lower the quarter-point rate this year, which is 4.5% higher than the current level of the bank, the next forecast The Monetary Policy Committee met on Thursday.
Regarding the future of the home loan market, 53% of brokers believe that AI will play a meaningful role in their business within two years, while 11% say decision software is already.
Most agents view their jobs as long-term careers, with four out of 10 people not retiring until they are 70 years old. Only 6% of people want to retire and then they reach 60.
Most consultants seem to be happy with their role, with 69% of them scoring 10 or higher in the happiness range of 1 to 10 points.
Brokers also have reasonable confidence in the financial flexibility of clients, with 52% of which scores 10 points or more for clients.
Chris Pearson, head of mortgage at HSBC UK, said: “Brandists are very important on the frontline and play an integral role in the mortgage market and we want to hear their ideas, attention and insights about the broader economy, mortgage market, and their careers are also theirs.
“Like most industries, geopolitics and things outside of our control can have a significant impact on our business, so it’s no surprise that this is a subject of mindset.
“But I feel assured that my high score for brokers’ “Happiness Index” – Seven out of 10 brokers have very positive feedback on becoming a mortgage broker, and in fact, the vast majority think mortgage brokers are a viable long-term career option.”
Pearson added: “As a bank, we have used AI extensively to improve customer service and improve process efficiency, but brokers also see the benefits of integrating AI into their business, and there are already a large number of them that have seen the benefits of introducing AI.
“As AI’s applications evolve, it may play an increasingly larger role in the way we all work.”
