Measurement of mortgage dealer market on the rise

Regardless of a turbulent end to 2022, the dimensions of the UK mortgage dealer market climbed by 9.6% 12 months on 12 months, analysis by lender Octane Capital has revealed.

The market dimension of the sector is estimated to have hit £1.878bn in 2022, having doubled (104.5%) up to now decade.

Progress is predicted to proceed this 12 months regardless of the market coping with tailwinds like rising mortgage charges induced by the Russia-Ukraine struggle, with Octane predicting a 2.6% enhance for 2023.

Jonathan Samuels, chief govt of Octane Capital, mentioned: “The property market has needed to cope with a variety of challenges in latest occasions, from a protracted interval of political uncertainty as a result of Brexit, the apparent obstacles posed by the pandemic and, extra lately, the uncertainty spurred by excessive inflation, rising rates of interest and a shambolic mini funds final September.

“Regardless of this, the market has stood agency and our aspirations of homeownership haven’t been dampened.

“In fact, an unwavering stage of market exercise requires a suitably sufficient mortgage sector to assist facilitate the nation’s aspirations of homeownership. So it’s hardly shocking that the mortgage dealer market has elevated in dimension fairly significantly during the last decade and is predicted to keep up this development over the 12 months forward.”

This sharp charge of annual development was additionally the third largest 12 months on 12 months enhance seen during the last decade, after 2014 and 2016, when the market elevated by 29.5% and 19.1% respectively.

Based mostly on historic market tendencies, the dimensions of the UK mortgage dealer market is forecast to hit £1.926bn in 2023.