A survey of around 500 brokers by Pepper Money found that 26 per cent thought their business volumes would stay the same, whilst a third thought their business volumes would fall.

The report continued that around 10 per cent thought their business volumes would “increase noticeably” in the next year.

However, around 61 per cent of brokers think property prices will decrease in the next year as uncertain economic environment and the cost of living crisis impact the housing sector.

 

‘Brokers are bullish’

Ryan Brailsford, business development director at Pepper Money, said: “The economic outlook may be uncertain, but brokers are bullish about their prospects for the year ahead and, in many respects, this is for good reason.

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“Any forward-thinking business has the ability to thrive even when the macro-environment is challenging and, while overall lending volumes may fall in the next 12 months, the cost-of-living crisis means the number of customers with specialist circumstances is continuing to grow.”

He added: “Financial advice will be vital for this growing group and brokers have a great opportunity to help people continue to achieve their goals, even amidst the economic turbulence, through professional, people-focused advice and access to specialist lenders like Pepper Money.”