The Q1 figure is in-line with figures from Q3 last year, which at the time was a record-breaking figure, according to the latest mortgage market tracker from the Intermediary Mortgage Lenders Association (IMLA).
Intermediary caseloads hit 103 in Q4, which was the largest average intermediary caseload since research started in 2015.
The report added that the average number of decisions in principle (DIP) rose by two per cent compared to the previous quarter.
It said it had been gradually growing since the beginning of the year, from 28 per intermediary in January, to 32 in February and a two-year high of 37 in March.
Conversions of DIPs have fallen by around two per cent, with the largest decrease, 10 per cent, occurring among homemovers.
IMLA suggested that this was due to a shift in focus to remortgages, which had 72 cases of conversion, up from 69 in the previous quarter.
Majority of brokers ‘very confident’ about business and market outlook
IMLA said that despite the slight fall in average case numbers, intermediary confidence remains strong, with 62 per cent of respondents saying they were “very confident” about the outlook for their company.
Nearly all intermediaries surveyed, 98 per cent, were confident overall, and only two per cent said they were “not very confident”.
Over half of brokers, 54 per cent, said that there were “very confident” about the intermediary sector, up from 52 per cent in the previous quarter.
Around 45 per cent of intermediaries said they were “very confident” about the mortgage industry, which is on a par with the record 46 per cent in Q3 last year.
Kate Davies (pictured), executive director at IMLA, said that despite the slight drop from the “record peak” in Q4, evidence suggests that advisers are “maintaining their momentum”.
“The data from the first quarter of 2022 shows a strong level of activity and a solid underlying demand underpinning the mortgage market,” she said.
Davies continued that rising inflation, along with proportionate interest rate rises, mean mortgage market demand could match the rates of 2021 as borrowers seek to secure fixed-rate deals.
“Throughout 2022, as volatile macro-economic trends impact personal finances, advisers will continue to play a crucial role in helping borrowers to find an appropriate, affordable and sensible deal,” she noted.