The total number of mortgage advisers in the UK may fall in as 2025 as current brokers say they expect fewer people to join the sector just as many retire.

Mortgage network PRIMIS surveyed appointed representatives across the UK and found that almost two in three believe there will be a drop in adviser numbers in 2025. On the flip side, 37% said they expect the industry to grow next year.

Claire Madge, sales director at PRIMIS, said: “Our advisers report a really varied picture. In some parts of the country, customers are much more exposed to affordability constraints.

“In others, purchase and remortgage values are higher and income, therefore, more lucrative.

“Each firm has its own focus and business model to suit the customers they cater to and that means they experience different parts of the market – from high value loans and fewer transactions all the way through to writing more business at a lower margin.”

Madge said some parts of the market were holding up more strongly due to the type of demand and typical wealth in the area. Advisers based in the north of England were marginally less optimistic about the number of intermediaries working in the mortgage sector rising next year, with 66% saying there will be fewer.

Firms in the southern regions of England were more positive, with 61% of the view adviser numbers would contract over the next 18 months.

Madge said: “There is no doubt that it’s been a tough couple of years for borrowers and that has affected brokers.

“But whether our industry grows or not is of less relevance to advisers who run their businesses, as they know only too well.

“It’s much more important to focus on how efficient processes are, maximising profit margin on every piece of business written and having robust compliance taken care of so advisers can concentrate on what they’re good at.

“That’s where being part of a network which has your back is worth its weight in gold – especially at a time when regulatory requirements are coming in thick and fast.”