The research, conducted by the Intermediary Mortgage Lender’s Association, also found that just one in five (20%) thought the market would “improve a little” in the second half of the year, down from a third (33%) in the first half.
Confidence in the mortgage market is falling, as three in five (60%) brokers are “very confident” about their business prospects in the third quarter of 2018, down from 68% in Q2.
The research, conducted by the Intermediary Mortgage Lender’s Association, also found that just one in five (20%) thought the market would “improve a little” in the second half of the year, down from a third (33%) in the first half.
The quantity of cases brokers are handling fell by 10% in the third quarter of the year from quarter two.
Kate Davies (pictured), executive director of IMLA, said: “These latest survey results show that sentiment among buyers and movers is currently at a low point.
“Whilst the Brexit negotiations remain so complex and uncertain, many people may be adopting a ‘wait and see’ approach before moving forward with a property purchase.”
Brokers continue to rely on remortgages, as the number of remortgage loans completed rose by 8.7% from Q3 2017 to Q3 2018.
