According to research from Octane Capital, based on data from IBIS World, annual revenues for the mortgage broker market rose by 2.6% to around £1.92bn.

The report said that, since 2013, the annual revenue for the mortgage broker market has grown every year, with the largest increases occurring in 2014 with a growth rate of 29.5%, 2016 with an annual change of 19.1% and 2022 with a yearly rise of 9.6%.

Octane Capital said that, over the past decade, the UK market broker market has grown by 110%.

Looking ahead for this year, growth is forecast at 4.7%, with the market size coming to just over £2bn. Growth is expected to stay at 4% or higher until 2027.

From that point, the forecast still shows growth, but it falls to 3.8% in 2028, 3.7% in 2029 and 3.6% in 2030.

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By 2030, the UK broker market is expected to breach £2.5bn. This will represent growth of 30% compared to 2023’s total revenue.

Jonathan Samuels, Octane Capital’s CEO, said: “The mortgage sector faced some significant headwinds in 2023, as higher mortgage rates and the ongoing high cost of living caused buyer appetites to reduce. But despite this, the mortgage broker market continued to demonstrate its resilience, with another year of positive growth.

“With the property market now showing early signs of a return to health, we anticipate that 2024 will bring yet another year of positive growth for the sector, and this growth is forecast to continue through to 2030.

“Coincidentally, the next six years takes us to the end of the next term of office for the government, so whichever party wins the upcoming general election will have a huge role in ensuring that the mortgage broker industry’s recent successes can carry through and be improved upon in the years to come.”

Brokers’ share of mortgage market activity is expected to hit 89% this year and will rise to 90% by 2025, the latest Intermediary Mortgage Lenders Association (IMLA) figures show.