The size of the UK mortgage broker market is forecast to increase by 2.3% over 2023, according to analysis by Octane Capital.
Research showed that despite a turbulent finish to 2022, with the Government’s mini-Budget in September causing widespread disruption, the market still climbed by 9.6% last year.
Octane Capital analysed the size of the UK mortgage broker market based on revenue and how the sector has performed over the last decade, as well as forecasting where it might sit come the end of this year.
This analysis showed that despite external market factors dampening the wider property market in recent years, the mortgage broker sector has increased in size every year since 2013. The market size of the sector is estimated to have hit £1.88bn in 2022, increasing 9.6% in size in a single year, as well by 104.5% in the last decade.
According to the research, this sharp rate of annual growth was also the third largest year-on-year increase seen over the last decade, behind 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 is forecast to hit £1.93bn in 2023, a further 2.6% increase compared to 2022.
“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,” Octane Capital CEO, Jonathan Samuels, commented.
“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.”
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