Mortgage Recommendation Bureau says the whole variety of its advisers fell by 4% to 2,158 final yr from 12 months in the past, following a “tough market”.
The decline consists of 117 advisers from mortgage and insurance coverage recommendation app Fluent Cash, which the community purchased for £72.2m in July 2022,
It provides that present buying and selling is “encouraging” following the calming of mortgage charge spikes brought on by rising base charges and the mini-Funds.
The Purpose-listed agency says in a buying and selling replace: “Whereas no natural adviser development has been assumed for this yr, we anticipate a few of our appointed consultant companies to renew recruitment sooner than deliberate if the present momentum continues, with the group returning to beforehand achieved ranges of adviser development in 2025.”
The enterprise says that “exercise ranges constructed strongly within the second half of 2023, and proceed to take action.
“Our supply of expertise, lead technology and retention initiatives are proving compelling, and we anticipate that to be mirrored in our recruitment of recent [appointed representative] companies this yr.”
The update comes as the number of appointed representatives across the main UK networks prevalent in mortgages increased by 110 in the final quarter of 2023, according to the latest Network League Table.
The variety of appointed consultant companies leaving networks stood at 1,070, whereas 1,077 joined, the examine, accomplished in early January, reveals.
Nevertheless, MAB factors out that banking commerce physique UK Finance’s newest estimate of gross new mortgage lending for 2023 is £226bn, a 28% hunch on the earlier yr.
The enterprise says that “regardless of this tough market”, it lifted income for the yr by 4% to round £239m.
The agency provides: “The underlying stage of demand for residence possession and residential strikes stays sturdy.
“As the price of fixed-rate mortgages began to scale back on the finish of final yr, we noticed early indicators of elevated buy exercise in addition to refinancing.
“This pick-up in mortgage volumes has continued into January, with written volumes considerably larger than in January 2023 within the aftermath of the mini-Funds.”
It provides that adjusted revenue earlier than tax will are available in “barely forward” of the market consensus when the enterprise reviews its full-year outcomes on 19 March.
MAB chief government Peter Brodnicki says: “2023 was an exceptionally difficult yr with shopper confidence closely impacted, leading to many purchasers deciding to delay their home buy or refinancing.”