The latest HSBC Broker Barometer, found that 89% of mortgage advisers believe the reforms, known as Project 28, would be a positive step forward for the industry.

In the quarterly survey of 465 brokers, respondents cited the provision of up-front information, early instruction of conveyancers and the ability to share data securely as among the top priorities for bringing down transaction times. 

Around six in 10 brokers, or 57%, believe that one to two years is a reasonable timeframe to achieve the reduction in the average time it takes from sale agreed to exchange of contracts to 28 days.

HSBC’s survey found optimism levels high in the industry despite wider economic and housing market challenges.

While brokers expect residential application volumes and market activity to soften after the summer, with 35% expecting an increase and 44% expecting the current level to remain, the vast majority of brokers (67%) still describe 2025 as a good year for the mortgage industry.

Advisers continue to report that lenders’ stress-rate adjustments have made a meaningful difference for borrowers. 

Almost two thirds (63%) say lending has increased since lenders eased affordability assessments, with more brokers describing those increases as “significant”.

Seven in ten (69%) brokers rate their overall happiness at seven out of 10 or above – consistent with earlier this year – and over 80% say they plan to stay in the industry long-term. 

Most brokers (65%) expect their firms to grow over the next 12 months, with 11% expecting their firm to see significant growth in the next 12 months.

HSBC head of intermediary mortgages Chris Pearson says: “The HSBC UK Broker Barometer provides invaluable insight into the challenges and opportunities facing mortgage brokers today. 

“Our latest Barometer shows a profession that’s realistic about the current market but content with how the year has gone so far and confident about the direction the industry is heading. 

“Despite some economic uncertainty, brokers remain pragmatic and positive about the year ahead. 

“Confidence in the market, coupled with the continued high levels of job satisfaction we’re seeing in the Broker Happiness Index, shows an industry that’s grounded but optimistic — and committed to supporting customers through changing conditions.

“Brokers are strongly backing initiatives like Project 28, recognising the power of innovation to improve the home-buying experience for their customers. 

“Their support for Project 28 underlines a shared commitment across the industry to make the home-buying journey faster, more transparent and more efficient — something that will benefit brokers, customers, lenders and conveyancers alike. 

“Project 28 represents a real opportunity to simplify one of life’s most stressful experiences — and brokers are fully behind it.”