Almost 82% of mortgage brokers believe the Bank of England should cut the base rate next week, a survey by HSBC has shown.

In its most recent Broker Barometer, the bank found that 41% of advisers believe the base rate should drop by 25 basis points to 3.75% and 25% argue for lowering the rate by 50 bps to 3.5% to boost the property market.

A further 16% of brokers want the Bank to make an even more aggressive cut of 75bps to 3.25%.

But nearly 18% of advisers feel the Monetary Policy Committee should keep the base rate frozen at 4% at their next meeting on November 6.

Less than 1% of brokers were in favour of increasing rates.

HSBC also asked advisers for their views on the Autumn Statement on November 26.

As the chancellor Rachel Reeves attempts to fend off calls for her resignation over the failure to secure the correct licence to rent out her former home, brokers have shared their hopes for the housing market.

Top of mortgage advisers’ wishlists were stamp duty reforms, tax reductions, additional incentives to boost the housing market and greater support for first-time buyers.

Six in ten brokers (61%) rated their confidence in the economy at five or above out of ten, although this marks a fall from 78% in the previous quarter. 

HSBC UK head of intermediary mortgages Chris Pearson says: “Brokers are the beating heart of the mortgage market and are clearly signalling that a modest base rate cut, combined with ongoing innovation and stamp duty reform, would help put the housing market on firmer footing.

“The feedback shows a profession that understands the wider economic context and wants to see long-term, sustainable growth in the housing market, not just short-term fixes.”