The size of the mortgage broker market climbed by 9.6% year on year in 2022, with a further 2.6% increase forecast for 2023, according to research by specialist property lending firm Octane Capital.
Octane Capital analysed the size of the mortgage broker market based on revenue and how the sector has performed over the past decade, as well as forecasting where it might sit come the end of this year.
The analysis showed that the mortgage broker sector increased in size every year since 2013.
It was estimated to have hit £1.878bn in 2022, increasing by 104.5% in the last decade.
This was also the third largest year-on-year increase seen over the past decade, with the exception of 2014 and 2016, when the market increased by 29.5% and 19.1%, respectively.
Based on historic market trends, the size of the UK mortgage broker market was forecast to hit £1.926bn in 2023.
Jonathan Samuels, CEO of Octane Capital, said: “The property market has had to deal with a range of challenges in recent times, from a prolonged period of political uncertainty due to Brexit, the obvious obstacles posed by the pandemic and, more recently, the uncertainty spurred by high inflation, increasing interest rates and a shambolic mini-Budget last September.
“Despite this, the market has stood firm and our aspirations of homeownership have not been dampened.
“Of course, an unwavering level of market activity requires a suitably adequate mortgage sector to help facilitate the nation’s aspirations of homeownership.
“So it’s hardly surprising that the mortgage broker market has increased in size quite considerably over the last decade and is expected to maintain this growth over the year ahead.”
