The mortgage market is set for another busy year in 2022 despite rising bank rates and the absence of stamp duty holidays, two figures from the mortgage industry have predicted.

This is according to principal researcher at IMLA, Rob Thomas, and UK Finance director of mortgages, Charles Roe, who were speaking on the latest Accord Mortgages Growth Series podcast.

The pair revisited their predictions made on the podcast last year and called out existing business as a key area for broker opportunities in 2022.

Thomas, who had said in March last year that he’d revise up his initial forecast of £283bn if he was re-forecasting, suggested the £300bn barrier was broken last year due to stamp duty holiday extensions and low bank rates – that had made more people purchase a house than expected. This sentiment was shared by who Roe concluded the combination had driven consumer confidence.

Roe added that he anticipates the larger gross lending figure of the two industry bodies, albeit down 11% on 2021, while both experts suggested that brokers and lenders are in for a busy year of remortgage and product transfer activities.

“I think we’ll see a five per cent increase in remortgages this year, and a similar rate for product transfers as lenders and brokers have more space to focus on these areas after a hectic year with stamp duty last year,” Roe commented.

Accord Mortgages managing director, Jeremy Duncombe, who hosted the podcast, added: “Last year’s podcast was held in high regard by many brokers so we couldn’t wait to get both Rob and Charles back to revisit their predictions and share their thoughts on how this year could shape up – it’s always fascinating to hear their differing views, but also their agreement on topics that affect us all in the market.”

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