Figures from the index show that over 40 per cent of brokers expect first-time buyer business volumes to decrease over the next six months and 72 per cent believe that lenders are not doing enough to help first-time buyers.
Dev Malle, associate director of operations at Pink, said: “There is clearly space for innovative lenders to come up with new products, rather than waiting for the government to act.”
He added: “The decline in first-time buyers may give brokers the opportunity to focus on their remortgage business and look after their existing client base.”
Andy Frankish, operations director for MortgageTalk, said: “I do have a degree of sympathy for lenders but I agree with the figures in the survey and the statistic of over 40 per cent expecting a decrease in first-time buyer business does worry me.
“Theories of having more time to look after existing clients are valid but the facts are that we need new business in to maintain turnover.”
Dominic Toller, head of marketing at Bristol & West Mortgages, said: “We recognise the problem but the answer isn’t to raise income multiples through the roof; we have a duty to lend responsibly. It’s not a broker or lender fault, the first-time buyers market is a hard one.”
Three monthly surveys have been conducted so far but are now planned to be held on a quarterly basis. 800 respondents took part in the Index.
Intermediaries can register for the Index via the Pink 1000 website (www.pink1000.co.uk) and are then sent an e-mail or can access the survey questions directly from the website.
