Analysis by Octane Capital showed that despite the rough ending to 2022, the broker market grew by 9.6 per cent annually to be worth £1.87bn.
The lender expects this to rise by a further 2.6 per cent in 2023 to reach £1.92bn.
Looking at data sourced from IBIS World, the growth recorded in 2022 was the largest annual increase since 2014 when the value of the market rose by 29.5 per cent to £1.9bn. The market has steadily increased in value since 2013 by around one to three per cent each year, except for 2016 when the value of the market rose by 19.1 per cent to £1.5bn and 2019 when it grew by 4.2 per cent to £1.63bn.
In total, the mortgage broker market has grown by 104.5 per cent over a decade.
Standing firm in challenges
Jonathan Samuels, CEO of Octane Capital, said: “The property market has had to deal with a range of challenges in recent times, from a prolonged period of political uncertainty due to Brexit, the obvious obstacles posed by the pandemic and, more recently, the uncertainty spurred by high inflation, increasing interest rates and a shambolic mini Budget last September.
“Despite this, the market has stood firm and our aspirations of homeownership have not been dampened.”
He added: “Of course, an unwavering level of market activity requires a suitably adequate mortgage sector to help facilitate the nation’s aspirations of homeownership.
“So it’s hardly surprising that the mortgage broker market has increased in size quite considerably over the last decade and is expected to maintain this growth over the year ahead.”
