By Elena Vardon
Mortgage Advice Bureau has announced that its current performance is in line with market expectations. The company has seen improved activity levels in the second quarter, based on new mortgage approvals. Furthermore, it has reported an increase in revenue for the first half of 2023.
According to their financial statement, Mortgage Advice Bureau recorded a revenue of £116 million ($149.7 million) for the six-month period ending June 30. This marks a significant increase from the £96.5 million generated in the same period the previous year.
The average number of mainstream advisers has also risen by 4% to 1,966. However, overall adviser numbers as of June 30 have decreased by 6% to 2,109.
The company attributes the decrease in mortgage lending to higher living costs and interest rates, which have affected consumer confidence and affordability. Gross new mortgage lending in the UK for the five months leading up to May 31 has fallen by 28% year-on-year to £89.5 billion.
Despite predicting tougher market conditions in the second half of the year, Mortgage Advice Bureau anticipates strong performance in refinancing. Chief Executive Peter Brodnicki states that despite the delayed market recovery, the company’s efficiency and strategic initiatives are progressing well and maintaining adviser productivity. The group remains well-positioned for further growth as the market continues to recover.