Mortgage brokers are positive about the outlook for their business volumes in the next 12 months, new research from Pepper Money has indicated, despite the challenging economic environment in the UK.

Research conducted among more than 500 brokers suggested that 41% believe their business volumes will increase. Pepper Money’s findings showed that 26% think business volumes will stay the same, while only 33% expect their business volumes to reduce in the next 12 months.

According to the research, 10% of brokers think their business volumes will increase “noticeably” in the next year. This is despite 61% of brokers thinking property prices will decrease in the next year as the continued cost of living crisis and uncertain economic environment continue to impact the property market.

Business development director at Pepper Money, Ryan Brailsford, suggested that while the economic outlook may be uncertain, brokers are “bullish about their prospects” for the year ahead.

“In many respects, this is for good reason,” he said. “Any forward-thinking business has the ability to thrive even when the macro-environment is challenging and, while overall lending volumes may fall in the next 12 months, the cost-of-living crisis means the number of customers with specialist circumstances is continuing to grow.

“Financial advice will be vital for this growing group and brokers have a great opportunity to help people continue to achieve their goals, even amidst the economic turbulence, through professional, people-focused advice and access to specialist lenders.”

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