The study found that in the second quarter the average case volume for intermediaries was unmoved at 97, the same level as in the first quarter of the year.
Confidence among brokers remains high, though they are down somewhat on the previous quarter. For example, 52 per cent of respondents said they were very confident in the outlook for their business, down by 62 per cent in the last quarter.
Overall, 89 per cent said they feel confident overall, which is a reduction from 94 per cent last quarter.
The study found a drop in decisions in principle (DIPs) and mortgage applications too. The number of DIPs moved from 32 on average in the first quarter to 28, while conversions from DIPs to completions fell for the third straight quarter, from 44 per cent to 43 per cent.
Kate Davies (pictured), executive director at IMLA, said that the data pointed to a strong level of activity and overall high confidence within the market.
She continued: “With inflation levels and interest rates reaching the highest levels in more than a decade, and the cost-of-living crisis continuing to affect millions in the UK, we expect to see more borrowers with complex financial situations seeking support from the mortgage market. Fortunately, there are now many lenders that are willing to lend to complex borrowers, and plenty of mortgage options available to these individuals.”
Davies emphasised that mortgage advice will be crucial for these borrowers, with brokers playing a vital role in helping those with more complex circumstances to access the finance they need.
