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Follow on Google News | "UK Mortgage Intermediary Distribution 2010" now available at Fast Market ResearchNew Financial Services research report from Datamonitor is now available from Fast Market Research
2010 proved to be another challenging year for the overall mortgage market and for the intermediary sector in particular. Intermediaries had to deal with the declining volumes of business, falling market share as a result of the focus on direct distribution, and uncertainty over the shape of proposed regulation of mortgage distribution. Features and benefits * Presents findings from Datamonitor's Intermediary Distribution Survey to highlight the key trends and issues facing intermediaries. * Provides an overview of the main developments in the mortgage market and intermediary sector in 2010. * Analyzes the market context in which mortgage intermediaries operate. * Provides forecasts for the value of gross lending conducted via the intermediary channel, and for intermediary market share. Highlights The mortgage intermediary sector continued to contract in 2010, with many member exiting the industry due to a lack of viability. This was the result of gross lending volumes falling across all lines of business, adversely affecting income levels. However, the sector is now leaner, fitter and more efficient as a result of these changes. Intermediaries remain pessimistic, expressing concern about poor consumer demand, the weakness of the economic recovery and stagnant property prices. They also feel that their share of the market will continue to fall, and are less inclined than last year to expect the value of business they handle to increase. Brokers are adapting their business models to survive in the current climate and to address the impact of dual pricing. Fee charging will start to supersede commission-based models, allowing intermediaries to advise on the whole of the market. Diversification into other products and services, such as financial planning, has become commonplace. Your key questions answered * Gain an insight into the views, opinions and concerns of intermediaries. * Understand the consequences of the ongoing downturn in the mortgage market for the intermediary sector. * Use Datamonitor's forecasts to help plan your future distribution strategies. For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: TABLE OF CONTENTS Overview Catalyst Summary Executive Summary Difficult market conditions for mortgage intermediaries persisted throughout 2010 There are several different distribution channels for mortgages in the UK The number of intermediaries continued to fall in 2010 Trend: Datamonitor predicts tough conditions for intermediaries for many years Insight: intermediary- Trend: intermediaries are less hopeful about the state of the market than they were last year Insight: brokers believe that a recovery is further away than before Trend: intermediaries have become more pessimistic about their own prospects Insight: the proportion of brokers who believe they will do more lending in the coming year has fallen Trend: brokers are changing their business practices to reflect the new reality Insight: brokers are starting to charge upfront fees Trend: lenders are directing their efforts towards direct distribution Insight: brokers feel they are losing market share to lenders Trend: broker incomes are continuing to fall Insight: there has been an increase in the proportion of brokers reporting falls in product commissions Defining the Intermediary Sector Difficult market conditions for mortgage intermediaries persisted throughout 2010 There are several different distribution channels for mortgages in the UK The number of intermediaries continued to fall in 2010 The industry is now leaner but also fitter Half of intermediaries report having no more than 500 clients Individual brokers have seen a slight upturn in activity Mortgage volumes remained steady in 2010 There has been an overall increase in the value of mortgages arranged by brokers Individual brokers saw a fall in the value of mortgages arranged in 2010 Buy-to let lending was the least badly affected category of mortgage in 2010 The share of lending claimed by brokers has fallen drastically since 2007 and 2008 Quarterly lending arranged by intermediaries is two thirds lower than at the top of the market Intermediary lending has fallen at a greater rate than total market lending Intermediaries choose providers on the basis of rate and level of support Rate, reliability and quality of service are all key to choice of lender Procuration fees are of lesser importance than rate and service-based factors Rate, speed and service all play a role in persuading intermediaries to switch lenders Intermediaries appear to be only mildly concerned about key aspects of the market Commission levels are a cause for slight concern Concern with receiving adequate support from networks has declined over the last two years The mortgage market is concentrated in the hands of a few large providers The big banks have increased their dominance of the mortgage market since the banking crisis Intermediaries are dependent on a select few lenders Market Context The lack of credit availability is still restricting lending The aftermath of the credit crunch continued to hold back activity in 2010 The first time buyer market remains badly affected by the lack of mortgage finance A sizeable proportion of consumers are still being refused credit Consumer demand for mortgage finance was also subdued in 2010 Full Table of Contents is available at: -- http://www.fastmr.com/ About Datamonitor The Datamonitor Group is a world-leading provider of premium global business information, delivering independent data, analysis and opinion across the Automotive, Consumer Markets, Energy & Utilities, Financial Services, Logistics & Express, Pharmaceutical & Healthcare, Retail, Technology and Telecoms industries. Datamonitor's market intelligence products and services ensure that you will achieve your desired commercial goals by giving you the insight you need to best respond to your competitive environment. View more research from Datamonitor at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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