Mortgage Advice Bureau said that home loan completions were “particularly strong” in the first three months of the year, while it grew adviser numbers by 3% at the start at 2025.
“Mortgage completions were particularly strong in the first quarter, boosted by the pull-forward of some property transactions ahead of the 31 March 2025 changes to stamp duty relief,” said the broker network’s chair Mike Jones at its annual meeting.
Jones added: “Purchase activity remains stronger year on year, underpinned by improving buyer affordability and an increased supply of new properties coming onto the market.
“If mortgage rates remain stable or decline further, we expect purchase activity in 2025 to continue to outperform 2024.
“Refinancing is expected to accelerate in the second half of 2025 and into 2026, as a significant number of five-year fixed mortgages from the post-pandemic boom, and two-year fixed deals taken out following the 2022 mini-Budget reach maturity.”
The network said its number of mainstream advisers at 16 May had grown 3% since the end of the year to 2,003.
It pointed out that as the housing and mortgage markets show signs of recovery, “we are seeing increased confidence among appointed representatives, with more advisers joining and momentum in newly appointed representative firm recruitment”.
Jones added: “The increased mortgage activity seen through the latter part of 2024 has continued into 2025. The cost of borrowing and mortgage rates have continued to decline from recent highs, with further cuts to the Bank of England’s base rate expected this year.”
The Bank has made two quarter-point reductions this year, bringing the base rate to 4.25%.
Money markets are currently betting on just one further cut this year after higher-than-expected inflation coming in at 3.5% today.
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