Mortgage broker earnings were up 13 per cent between 2017 and 2018, rising to £1.31bn from £1.16bn, according to data collected the Financial Conduct Authority (FCA).

Furthermore, the figures revealed that a third of all earnings, £449m, came from selling non-investment insurance products.

The data illustrated that the average mortgage revenue per firm with a single adviser was £42,330, whereas the average for a firm with adviser numbers in excess of 50 came to £19.2m.

When analysing home finance, the report highlighted that the total reported revenue earned from the mediation of regulated mortgages increased by 16 per cent, from £1.02bn in 2017 to £1.18bn in 2018.

In addition, the data outlines that a small number of large firms with over 50 advisers account for 70 per cent of all advisers working as mortgage brokers. However, nearly nine in 10 firms comprise five advisers or fewer.

According to the figures, the mortgage adviser sector is growing. The total number of advisers rose by 7 per cent from 2017 to 2018, reaching 14,052.

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