A message to agents? Third of self-employed worse off than in 2019

The findings of a new survey may make worrying reading for agents who have taken the self-employed route as agency business models have changed in recent years.

Research by Bluestone Mortgages shows that some 28 per cent of those who currently work for themselves are considering giving up self-employment, increasing significantly to 65 per cent amongst younger respondents aged 18 to 34. 

And the same survey showed that 37 per cent of self-employed workers say they are worse off since the start of the Covid-19 pandemic - the main reasons for being worse off are a straightforward loss of income, having to use savings, and being a victim of unstable employment. 

This sentiment is reflected in how the self-employed feel about current job prospects. 

Just under two-fifths feel optimistic towards the state of their business or opportunities to get work this year, with over a third feeling neutral and a fifth feeling pessimistic. 

Even so, 47 per cent are confident about their financial situation with 48 per cent reporting that they have a comfortable amount of savings or investments. 

Steve Seal, chief executive of Bluestone Mortgages, comments: “We are well aware of the struggles the self-employed have faced as a result of Covid-19, whether that be lack of work, reduced income, or having to dip into savings, all of which can impact their creditworthiness.

“As a result, self-employed workers often encounter challenges when it comes to securing a mortgage, because their criteria does not fit what is deemed the ‘norm’, even if they have their finances in order”