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Despite a turbulent start to 2022, the size of the UK mortgage brokerage market is up 9.6% year-on-year, according to research from financial firm Octane Capital.
The sector’s market size is estimated to reach £1,878m by 2022, doubling (104.5%) over the past decade.
Growth is expected to continue this year, with octane forecasting a 2.6% increase in 2023, despite the market dealing with tailwinds such as rising mortgage rates from the Russo-Ukrainian war. there is
Octane Capital CEO Jonathan Samuels said: “The real estate market has recently had to deal with prolonged political uncertainty from Brexit, the glaring obstacles posed by the pandemic and, most recently, a range of challenges,” he said. , high inflation, rising interest rates, and uncertainty caused by last September’s lousy mini-budget.
“Nevertheless, the market remains strong and our desire to own a home has not weakened.
“Of course, an unwavering level of market activity requires an adequate mortgage sector adequate to promote the aspirations of the public to own a home. , it is not surprising that we expect this growth to continue over the next year.”
This rapid annual growth rate was also the third largest year-over-year growth rate in the past decade, behind only 2014 and 2016, when the market grew 29.5% and 19.1% respectively.
Based on historical market trends, the size of the UK mortgage brokerage market is projected to reach £1,926m in 2023.