英國抵押仲介市場 - 2010年 是由出版商Datamonitor在2011年03月所出版的。
這份英文市場調查報告書包含Pages: 106 價格從美金4495起跳。
2010年之抵押（住宅抵押貸款）市場，仍延續上年，為嚴峻之一年。其中仲介業者面臨之困境更為明顯，包括業務規模縮小、直銷業者崛起使其市場佔有率低落、抵押合約法規架構之不明確等，待解決之問題簡直堆積如山。
本報告為，探討英國抵押仲介市場中產業主要趨勢及展望，並探討市場挑戰及問題點、今後業績表現等專業調查資訊，以下列摘要形式闡述。
概要
實施概要
- 2010年依舊面臨市場困頓之抵押仲介業
- 英國多數之抵押合約管道
- 上年起持續銳減之2010年仲介合約數
- 趨勢：Datamonitor預測今後數年仲介業者仍將持續處於困境
- 趨勢：仲介業者不認為市場情形比去年樂觀
- 趨勢：仲介業者對未來出現前有未有的悲觀態度
- 趨勢：面對現實，改善業務方式之經紀人
- 趨勢：貸款人轉換至重視直銷之想法
- 趨勢：收入持續變少之經紀人
仲介業之定義
- 2010年依舊面臨市場困頓之抵押仲介業
- 各企業中，經紀人活動出現之些微光明
- 仲介業者表示選擇供應商時費用及支援水準為其重點
- 仲介業者不太擔心市場重大局面
- 抵押市場集中於少數大型供應商
市場情形
- 未動用借款不足仍為融資限制之因素
- 2010年抵押網路於波動中顯得較保守
- 基準利率低下時重複抵押貸款再融資之趨勢
- 英國金融監管局（FSA）仍處於重新檢視抵押市場法規之狀態
仲介業者及貸款人之探討
- 趨勢：Datamonitor預測今後數年仲介業者仍將持續處於困境
- 趨勢：仲介業者不認為市場情形比去年樂觀
- 趨勢：仲介業者對未來出現前有未有的悲觀態度
- 趨勢：面對現實，改善業務方式之經紀人
- 趨勢：貸款人轉換至重視直銷之想法
- 趨勢：收入持續變少之經紀人
附錄
圖表
Abstract
Introduction
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.
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-sourced lending will grow modestly under the neutral
forecast
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
A lack of both demand for and supply of mortgage finance resulted in low
lending levels in 2010
2010 was a less turbulent year for mortgage networks
Far fewer networks found themselves in difficulty in 2010 than in 2009
Some networks have seen considerable changes in their AR numbers
Remortgaging activity continues to be hit by the low base rate
Remortgaging flatlined throughout 2010
The lack of consumer demand for remortgaging is confirmed by Bank of England
data
Remortgaging is likely to remain low throughout 2011
The FSA is still in the process of reviewing the regulation of the mortgage
market
The FSA has published a consultation paper on distribution and disclosure
Industry reaction to the FSA' s latest proposals on distribution has been
non-committal to date
The FSA has decided to postpone the extension of the Approved Persons regime
to the mortgage market
The FSA' s proposals could give a boost to intermediary-led sales
The FSA' s reaction to industry criticism has led to uncertainty over the
final shape of the MMR
Lack of clarity on the gestation of the MMR has led many brokers to withhold
judgment
Insights for Intermediaries and Lenders
Trend: Datamonitor predicts tough conditions for intermediaries for many
years
Insight: intermediary-sourced lending will grow modestly under the neutral
forecast
Insight: the optimistic scenario assumes that providers will return more
quickly to indirect distribution
Insight: under the pessimistic scenario, intermediaries continue to suffer
from a stagnant market
Trend: intermediaries are less hopeful about the state of the market than
they were last year
Insight: intermediaries are more gloomy about the chances for an improvement
in consumer demand
Insight: there has been a big rise in concern about stagnant buyer numbers
and property prices
Insight: intermediaries appear resigned to the end of non-standard lending
Insight: brokers believe that a recovery is further away than before
Insight: half of intermediaries think the downturn in property prices will
last at least two to three years
Trend: intermediaries have become more pessimistic about their own prospects
Insight: a far bigger proportion of intermediaries think that their market
share will fall than did so last year
Insight: buy-to-let is the only sector for which brokers think sales
prospects have improved since last year
Insight: the proportion of brokers who believe they will do more lending in
the coming year has fallen
Insight: the new mortgage broking arm from consumer advocates Which? may pose
a threat to brokers
Trend: brokers are changing their business practices to reflect the new
reality
Insight: diversification is the key to survival
Insight: cost-cutting remains very much in evidence
Insight: brokers are starting to charge upfront fees
Trend: lenders are directing their efforts towards direct distribution
Insight: providers are maximizing direct sales at the expense of the
intermediary channel
Insight: brokers feel they are losing market share to lenders
Insight: dual pricing is the device lenders are using to promote direct
distribution
Trend: broker incomes are continuing to fall
Insight: absolute incomes are in decline
Insight: there has been an increase in the proportion of brokers reporting
falls in product commissions
Insight: concern is rising about downward pressure on procuration fees
APPENDIX
Supplementary data
Definitions
Appointed representative
Buy-to-let mortgage
Directly authorized
Fixed rate mortgage
Mortgage club
Mortgage intermediary
Mortgage network
Non-standard
Sub-prime
Packager
Self-certification mortgage
Methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
TABLE OF FIGURES
Figure 1: The structure of mortgage distribution in the UK
Figure 2: Mortgage intermediary numbers have been in decline since 2007-8
Figure 3: Intermediary lending will rise to just over £90 billion by
2014 under the neutral forecast
Figure 4: Less than two in five believe the market will recover within the
next four years
Figure 5: Predicted change in value of lending over next 12 months
Figure 6: There has been a fall in the proportion of brokers' income that
comes from commission
Figure 7: Three quarters of brokers think their sector is losing market share
Figure 8: 70% of intermediaries stated that per-product commissions have
fallen
Figure 9: The structure of mortgage distribution in the UK
Figure 10: Mortgage intermediary numbers have been in decline since 2007-8
Figure 11: Intermediaries with a maximum of 1,000 clients accounted for half
the market in 2010
Figure 12: Change in customer base over last 12 months
Figure 13: Amount of mortgages arranged by volume in last 12 months
Figure 14: Half of brokers arranged £5m or more worth of mortgages in
2010
Figure 15: Six in 10 intermediaries saw the value of lending fall in 2010
Figure 16: Gross lending across nearly all mortgage types continued to fall
in 2010
Figure 17: Intermediary share of mortgage lending has drifted down since the
start of 2008
Figure 18: The value of broker-arranged mortgages stagnated throughout 2009
and 2010
Figure 19: Intermediaries are claiming an ever smaller share of the total
market
Figure 20: Brokers rated most attributes as being of high importance when
deciding on provider
Figure 21: Importance of factors in persuading intermediaries to switch
lenders
Figure 22: Brokers do not appear unduly worried about most key aspects
Figure 23: The UK mortgage market is dominated by a handful of large
providers
Figure 24: Santander and LBG dominate lending arranged through intermediaries
Figure 25: Mortgage credit supply remained tight throughout 2010
Figure 26: First time buyers form an insignificant market for most
intermediaries
Figure 27: A quarter of brokers' customers were ultimately unable to obtain
credit
Figure 28: Monthly gross lending was just as depressed in 2010 as it was in
2009
Figure 29: Some of the largest networks have experienced a drop in practicing
members
Figure 30: Remortgage approvals have failed to show any sign of recovery to
pre-crisis levels
Figure 31: Demand for remortgage credit
Figure 32: Most intermediaries feel unable to express strong opinions about
the MMR' s impact
Figure 33: Intermediary lending will rise to just over £90 billion by
2014 under the neutral forecast
Figure 34: Intermediaries will account for £105 billion worth of lending
in 2014 in the optimistic scenario
Figure 35: Under the pessimistic scenario, intermediary lending will reach a
little under £79 billion in 2014
Figure 36: There is less optimism about consumer demand and lenders' ability
to take on more customers
Figure 37: There has been a substantial increase in concern over the number
of buyers and property prices
Figure 38: Less than two in five believe the market will recover within the
next four years
Figure 39: A large proportion of brokers think that the downturn in property
prices will be prolonged
Figure 40: Half of brokers expect to see the intermediary share of the market
fall by more than 10% in 2011
Figure 41: Sales prospects for even the strongest sectors are no better than
neutral
Figure 42: Predicted change in value of lending over next 12 months
Figure 43: Hal of those who have suffered a fall in income have branched out
into other areas
Figure 44: General insurance, life insurance and pension are the most popular
sectors for diversification
Figure 45: There has been a fall in the proportion of brokers' income that
comes from commission
Figure 46: Two thirds of brokers believe that lenders are favoring direct
distribution
Figure 47: Three quarters of brokers think their sector is losing market
share
Figure 48: Dual pricing is driving direct sales of mortgages
Figure 49: Seven in 10 brokers stated they had seen a fall in fee or
commission income over last 12 months
Figure 50: 70% of intermediaries stated that per-product commissions have
fallen
Figure 51: Proportion by which income levels per product have fallen
TABLE OF TABLES
Table 1: Total number of ARs and DA firms specializing in mortgage finance
Table 2: Datamonitor forecast for intermediary vs. total market lending,
2010-14 (neutral)
Table 3: Length of time intermediaries expect for gross lending to recover to
pre-crisis levels
Table 4: Predicted change in value of intermediary lending over next 12
months
Table 5: Proportion of income derived from commission rather than fees
Table 6: Whether intermediaries are losing share of new lending to direct
distribution
Table 7: Whether intermediaries have seen fall in average income per product
over last 12 months
Table 8: Size of current customer base
Table 9: Change in size of customer base over last 12 months
Table 10: Volume of mortgages arranged over last 12 months
Table 11: Value of mortgages arranged over last 12 months
Table 12: Change in value lent over last 12 months
Table 13: Change in gross advances over last 12 months, by mortgage type
Table 14: Intermediary share of market, by value
Table 15: Value of loans arranged by intermediaries
Table 16: Value of intermediary loans vs. value of total market loans
Table 17: Importance of factors in choice of main lender
Table 18: Importance of factors in persuading intermediaries to switch
lenders
Table 19: level of concern with issues facing business
Table 20: Lender share of gross lending
Table 21: Proportion of intermediaries using each provider
Table 22: Quarterly change in demand for and supply of secured credit (%)
Table 23: Proportion of intermediaries stating share of business derived from
first time buyers
Table 24: Proportion of customer turned down due to difficulties in obtaining
credit
Table 25: Monthly gross advances (£m)
Table 26: Size of leading mortgage networks
Table 27: Value of monthly mortgage approvals (£m)
Table 28: Annual remortgaging approvals £m)
Table 29: Quarterly change in demand for remortgage credit (%)
Table 30: Expected impact of FSA' s Mortgage Market Review on intermediaries'
business
Table 31: Datamonitor forecast for intermediary vs. total market lending,
2009-13 (optimistic)
Table 32: Datamonitor forecast for intermediary vs. total market lending,
2009-13 (pessimistic)
Table 33: Views on situation over next 12 months
Table 34: Issues of concern to intermediaries over next 12 months
Table 35: How long downturn in property prices will last
Table 36: Predicted change in intermediary share of gross lending over next
12 months
Table 37: Sales prospects for mortgages over next two years
Table 38: Actions taken by intermediaries that have seen fall in income
Table 39: Areas that intermediaries have moved into to deal with loss of
income
Table 40: Whether lenders are focusing on direct distribution at the expense
of intermediaries
Table 41: Actions taken by lenders to increase direct distribution
Table 42: Whether intermediaries have seen a fall in income over last 12
months
Table 43: Whether intermediaries have seen fall in average income per product
over last 12 months
Table 44: Degree by which average income per product has fallen
