A survey carried out by Brilliant Solutions shows that 41 per cent of brokers saw enquiry levels drop in May on an annual basis.

Meanwhile, 26 per cent of brokers reported the opposite – that enquiry levels had risen in comparison.

However, brokers are optimistic about their business models. Just 19 per cent of the 60 who answered the survey to say that they would be making changes “in the near future”, while 60 per cent replied that they were happy to keep their business models as is.

Respondents to the survey were equally concerned over volumes and gaining new clients over the next 18 months, with 59 per cent selecting it as their number one worry.

Falling house prices were the biggest worry for 45 per cent of brokers, and for 29 per cent, direct to lender product transfers and margins are at the top of their worry list.

Brilliant Solutions managing director Matthew Arena says: “We’ve deliberately waited to hear from brokers until the month of May was behind them.

“It’s given advisers time to take stock of what is happening and get a bit more clarity on what the future holds. We have found understanding the market through the lens of the adviser is crucial.  This survey helps and we are happy to share our findings.”