Brokers expect fewer people to join the sector
The number of UK mortgage advisers could decline in 2025, as many current brokers foresee retirements and fewer new entrants joining the sector, research conducted by mortgage network PRIMIS has indicated.
The survey, which polled appointed representatives nationwide, revealed that nearly two thirds of respondents expect a drop in adviser numbers next year, while 37% predict industry growth.
Claire Madge (pictured), sales director at PRIMIS, suggested that these differing perspectives reflect the diverse customer bases of firms.
“Our advisers report a really varied picture,” she said. “In some parts of the country, customers are much more exposed to affordability constraints. In others, purchase and remortgage values are higher and income, therefore, more lucrative.
“Each firm has its own focus and business model to suit the customers they cater to, and that means they experience different parts of the market – from high value loans and fewer transactions all the way through to writing more business at a lower margin.”
Read more: What would bolster the mortgage industry?
Meanwhile, the survey also highlighted regional disparities in optimism, with advisers in Northern England showing less confidence in the sector’s growth, as 66% anticipate fewer professionals in the field next year. In Southern England, 61% of advisers expressed concerns about a reduction in numbers over the next 18 months.
“There is no doubt that it’s been a tough couple of years for borrowers and that has affected brokers,” Madge said. “Whether our industry grows or not is of less relevance to advisers who run their businesses, as they know only too well.
“It’s much more important to focus on how efficient processes are, maximising profit margin on every piece of business written and having robust compliance taken care of so advisers can concentrate on what they’re good at. That’s where being part of a network which has your back is worth its weight in gold – especially at a time when regulatory requirements are coming in thick and fast.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
