"Even in this current period of economic strife and uncertainty, we see once again how the mortgage industry is standing firm."
The UK's mortgage brokerage market is projected to grow this year despite ongoing economic insecurity, according to new analysis by Octane Capital.
The lender has analysed the annual revenue of the UK’s mortgage broker market since 2013 to see how it has performed over the last decade, and what that might mean for the immediate future of UK brokers.
The data shows that since 2013, the UK’s mortgage broker market has increased its revenue every single year without fail, each passing year bringing a new high-water mark.
2014 saw the biggest increase in revenue and, therefore, market size, growing by 29.5%. The same year saw the number of businesses operating in space increase by 24.4%.
2016 brought yet more double-digit revenue growth (19.1%) and from there have been constant annual increases all the way through to 2022 when revenue jumped by 9.6% to reach a decade-peak of £1.88 billion.
2022 also saw a peak in the number of market operators, growing by 9.1% to hit 5,484.
Despite the current economic and market conditions, forecasts for 2023 show the sector growing even more. It is estimated that, by the end of year, revenue will have increased by 2.6% to hit a new high of £1.93 billion.
The number of businesses is also expected to rise again, this time by 0.2% to hit a new high of 5,615.
CEO of Octane Capital, Jonathan Samuels, commented: “It’s remarkable how resilient the UK housing market is. If you look back over decades of historical data, the market has only suffered truly bleak moments on one or two occasions.
"The same can arguably be said for the mortgage broker market and even in this current period of economic strife and uncertainty, we see once again how the mortgage industry is standing firm.
"Even in tough times, homeownership is one of the driving aspirations of the nation and it’s the army of mortgage brokers who play a pivotal role in helping realise this aspiration. While this remains the case, the sector will continue to prosper, despite what’s thrown at it.”
