According to Octane’s research, the UK’s mortgage broker industry has grown by 110% in the last decade, and is predicted to grow by another 32% by 2030, reaching a total market size of more than £2.5 billion
With the property market now showing early signs of a return to health, 2024 is expected to bring another year of positive growth for the mortgage broker industry, as Octane Capital’s latest analysis shows that total market size increased by 2.6% in 2023.
According to Octane’s research, the UK’s mortgage broker industry has grown by 110% in the last decade, and is predicted to grow by another 32% by 2030, reaching a total market size of more than £2.5 billion.
Octane analysed UK mortgage broker market size based on annual revenues since 2013, looking at how the sector has performed over the past decade, and what this performance might mean for the immediate and mid-term future of UK brokers.
The data shows that despite the challenges faced by the industry over the past year, 2023 was a year of positive growth, with annual revenues jumping by 2.6% and driving the market size of the UK mortgage broker market to £1.926 billion – the highest level seen since 2013.
In fact, since 2013 the UK’s mortgage broker market has, without fail, grown in size every year. This means that over the last ten years, the size of the UK mortgage broker market has risen by 110%.
Moving further into 2024, Octane expects homebuyer activity to rise which means the mortgage broker industry will also grow. Octane Capital expects this will result in a revenue rise of 4.7% for the year which would be the second-biggest annual rise since 2017.
Annual revenue is anticipated to rise every year through to 2030 when it is predicted to surpass £2.5 billion. This will represent growth of 30% compared to 2023’s total revenue.
Chief Executive Officer of Octane Capital, Jonathan Samuels, said: The mortgage sector faced some significant headwinds in 2023, as higher mortgage rates and the ongoing high cost of living caused buyer appetites to reduce. But despite this, the mortgage broker market continued to demonstrate its resilience, with another year of positive growth.
Samuels said: With the property market now showing early signs of a return to health, we anticipate that 2024 will bring yet another year of positive growth for the sector and this growth is predicted to continue through to 2030.