There will be more business casualties among broker firms in the next two years, the Mortgage Advice Bureau warns.The independent broker says that while 2005 might have been a tough year, 2006 will not be any easier. And by 2007, it says the market will be starkly divided between winners and losers. How the market splits will depend on which brokers realise they need to evolve along with the changing market climate. Peter Brodnicki, chief executive of MAB, says by 2007 the impact of Home Information Packs will severely test the financial viability of many advisers, especially if housing transactions fall as predicted. MAB says that only those brokers who have additional income streams such as personal loans or conveyancing will survive. It also believes that, because of the changing dynamics of the income model for brokers, those who charge fees will be the most successful. Indeed, analysis of the performance of MAB’s 250 franchise branches shows that the most successful and profitable advisers are those who charge fees. Brodnicki adds: “The industry must evolve to survive. I think many people have underestimated how much the world is going to change. They thought Mortgage Day was the biggest challenge but we think the next two years are going to be far more demanding. “Only those brokers with the foresight to adopt different ways of working will thrive. For individual advisers, this means being careful about which networks or businesses they choose to work with.”
- Top trends
Tenet, which recently launched a web building facility, has set itself a live in five challenge – to have pre-approved sites built and live on the web within five minutes.Advisers attending recent Tenet roadshows and professional development meetings handed in their business cards to a Tenet marketing consultant and when they returned from their seminar, […]
Mortgage 2000’s sourcing system Encore has been linked with MortgageStream. This development will allow users to import and export client and lender data plus documents including Key Facts Illustrations and fact-finds to and from MortgageStream. MortgageStream is the first of several back office systems to be integrated with Encore over the coming months as a […]
Despite falls nationally, Knight Frank’s residential house price index registered a 1.1% rise in prime central London locations in October. Knight Frank puts the rise – the highest monthly increase since February 2004 – down to a shortage of quality stock at the upper end of the market as well as increased City bonuses and […]
It could be costly to become a home inspector as the inclusion of Home Information Packs becomes a mandatory part of selling a house. Nigel Hoath, director of United Surveyors, says that with thousands of inspectors needed to complete the Home Condition Report section of the HIP, many chartered surveyors and brokers may be considering […]
On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.
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