Brokers feel the housing pinch

Brokers are getting ready for the impact of a tightening housing market. According to latest research from BM Solutions, nearly 8 in 10 (78%) say that the current market situation has prompted them to look for ways to either increase or maintain their income.

The latest One Specialist survey asked over 300 intermediaries whether a tightening housing market has encouraged them to search for additional income streams.

The most popular way that brokers are looking to boost their income is through conveyancing referrals, with just over a quarter of brokers (26%) looking at this option. Slightly fewer brokers (22%) say that they are considering advising on other financial products, with just 7% looking at cross-selling payment protection insurance as an option.

Commenting on the research, Phil Rickards, head of sales at BM Solutions said, “The housing market is still very strong, underpinned by solid fundamentals. However, as the market slows, it’s inevitable that brokers will look for additional sources of income. We’ve recently relaunched our conveyancing service which can provide an extra income stream for brokers, and we’ll continue to support them with our five star service.”