The mortgage broker industry has grown by 110% in the past decade, and is forecast to grow by another 32% by 2030, reaching a total market size of over £2.5bn, Octane Capital has revealed.
Octane Capital analysed the mortgage broker market size based on annual revenues since 2013.
Despite the challenges faced by the industry, 2023 was a year of positive growth, with annual revenues climbing by 2.6% and driving the market size of the UK mortgage broker market to £1.926bn – the highest level seen since 2013.
Since 2013, the mortgage broker market has increased in size every year; in 2024, homebuyer activity is expected to increase again.
Octane Capital anticipated a revenue increase of 4.7% for the year, which would be the second-largest annual increase since 2017.
Annual revenue was expected to increase every year through to 2030 when it is forecast to surpass £2.5 billion.
This will represent growth of 30% compared to 2023’s total revenue.
Jonathan Samuels, CEO of Octane Capital, said: “The mortgage sector faced some significant headwinds in 2023, as higher mortgage rates and the ongoing high cost of living caused buyer appetites to reduce.
“But despite this, the mortgage broker market continued to demonstrate its resilience, with another year of positive growth.
“With the property market now showing early signs of a return to health, we anticipate that 2024 will bring yet another year of positive growth for the sector and this growth is forecast to continue through to 2030.
“Coincidentally, the next six years takes us to the end of the next term of office for the government, so whichever party wins the upcoming general election will have a huge role in ensuring that the mortgage broker industry’s recent successes can carry through and be improved upon in the years to come.”
