"Brokers are in an optimistic mood as we look ahead to 2020, which will only be enhanced now that we have political clarity at last."
41% of brokers surveyed said they had increased their business volumes over the last 12 months, compared to 34% in 2018.
14% remained confident that business volumes would increase by more than 15%, whilst a further 36% of respondents expected business volumes to grow by between 5 and 15% over the next year. Only 11% of brokers believed that business volumes would fall over the next twelve months.
An increased focus on marketing, growth and new hires was frequently cited as the primary reason brokers felt confident that business volumes would increase. Both client relationships and a potential Brexit resolution in 2020 also ranked highly.
Brokers cited market conditions as the biggest challenge looking ahead, with 77% of respondents selecting it. Competition from big banks came second, with 53%. In terms of brokers’ client concerns when looking to secure finance, rates came top, selected by 57% of respondents, with speed of decision second on 23% and clear terms/deal structure third on 20%.
Stuart Hughes, head of broker sales at Investec Asset Finance, said: “The asset finance sector has shown its resilience in 2019, despite difficult market conditions including uncertainty about the UK’s exit from the EU.
"What’s also clear is the extent to which asset finance has established itself across the UK economy, in sectors like renewable energy as well as more traditional areas like construction. Brokers are in an optimistic mood as we look ahead to 2020, which will only be enhanced now that we have political clarity at last.”
