Mortgage brokers remain positive about the outlook for their business volumes in the next 12 months, despite the challenging economic environment.

This is according to new research from specialist lender Pepper Money, resulting from a survey of more than 500 brokers.

It found that 41% think their business volumes will increase, 26% think business volumes will stay the same, with 33% expecting their business volumes to reduce in the next year.

Nearly 10% of brokers think their business volumes will increase noticeably in the next year.

This upbeat sentiment is despite the fact that 61% of brokers think property prices will decrease in the next year as the continued cost-of-living crisis and uncertain economic environment continue to impact the property market.

Pepper Money business director Ryan Brailsford says that while the economic outlook may be uncertain, brokers are bullish about their prospects for the year ahead and, in many respects, this is for good reason.

“Any forward-thinking business has the ability to thrive even when the macro-environment is challenging and, while overall lending volumes may fall in the next 12 months, the cost-of-living crisis means the number of customers with specialist circumstances is continuing to grow”.

He adds: “Financial advice will be vital for this growing group and brokers have a great opportunity to help people continue to achieve their goals, even amidst the economic turbulence, through professional, people-focused advice and access to specialist lenders.”