Mortgage brokers are staying positive about the outlook for their business volumes in the next 12 months, despite the challenging economic environment, according to new research from Pepper Money.

Research conducted amongst more than 500 brokers found that 41% think their business volumes will increase, 26% think business volumes will stay the same, and only 33% expect their business volumes to reduce in the next 12 months.

According to the research, nearly 10% of brokers think their business volumes will increase noticeably in the next year.

This is despite the fact that 61% of brokers think property prices will decrease in the next year as the continued cost-of-living crisis and uncertain economic environment continue to impact the property market.

Ryan Brailsford, business development director at Pepper Money, said: “The economic outlook may be uncertain, but brokers are bullish about their prospects for the year ahead and, in many respects, this is for good reason. Any forward-thinking business has the ability to thrive even when the macro-environment is challenging and, while overall lending volumes may fall in the next 12 months, the cost-of-living crisis means the number of customers with specialist circumstances is continuing to grow.

“Financial advice will be vital for this growing group and brokers have a great opportunity to help people continue to achieve their goals, even amidst the economic turbulence, through professional, people-focused advice and access to specialist lenders like Pepper Money.”