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Under half of brokers preparing for Brexit: United Trust Bank

A survey conducted by United Trust Bank reveals that 42 per cent of brokers in the property and finance sectors are not planning for Brexit.

The information, which was collected from over 100 brokers, outlines the uncertainty facing the UK’s exit from the EU.

According to the brokers asked, the effect Brexit will have on businesses and the economy is unknown, with there being a clear distinction of opinions on display.

The survey records that whilst the majority of brokers are not intending to implement any plans in regard to Brexit, 21 per cent believe it will bring positive opportunities for their businesses, and that 26 per cent believe there will be no effect from the UK’s departure.

Additionally, the survey asked brokers if Brexit had resulted in them making any significant business decisions, which revealed that 44 per cent intended to increase their spend on marketing and promotion. The next most popular decision was putting a freeze on recruitment, which 20 per cent replied as having done so. Only 6 per cent said that they had reduced staff numbers.

Earlier this week, Imla reported that 60 per cent of brokers are feeling confident about the impact of Brexit on their own firm, down from 68 per cent recorded in the month prior.

United Trust Bank group managing director Harley Kagan says: “Within the next couple of weeks, we’ll know whether the Brexit deal negotiated by the government will proceed or whether it will be back to the drawing board.

“It’s clear many brokers feel there are at present still too many variables to even begin planning beyond March 2019.

“What is encouraging is that around one in five brokers see Brexit as an opportunity not a threat. We plan to continue investing in people and technology and to keep growing our book and our business whatever decision is made in Westminster.”

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