The average number of mortgage cases handled by advisers dropped from 90 in the third quarter of 2020 to 78 in Q4 2020, shows data from the Intermediary Mortgage Lenders Association.

It says that the average number of Dips processed was consistent quarter-on-quarter, but the conversation rate of offers to completion fell significantly – in 2019, Imla reports, this rate never fell below an average of 84 per cent on a quarterly basis.

In 2020, this conversation rate peaked at 79 per cent in the first quarter and ended up at 65 per cent in the final quarter.

However, when asked, 96 per cent of advisers are positive on business outlook, 92 per cent were positive on the intermediary sector specifically, and 85 per cent on the wider mortgage market.

Imla adds that from Q3 2020 to Q4 2020, the ratio between types of business handled was similar – 65 per cent of cases being residential mortgages, 26 per cent being buy-to-let and 8 per cent being specialist.

Imla executive director Kate Davies says: “While the impending stamp duty deadline means that activity will remain high in the weeks ahead, there are clear signs that demand will continue beyond 31 March.

“Advisers are also recognising that 2021 is set to be a major year for the remortgage market too, presenting plenty of opportunity.

“And although the rollout of the vaccine programme also gives us all more confidence that the end of the Covid-19 crisis may be in sight, many borrowers’ and prospective borrowers’ financial circumstances may have changed significantly over the past year, meaning that many of them will benefit from the expert advice which mortgage intermediaries can offer.”