Mortgage network PRIMIS surveyed appointed representatives across the UK and found that almost two in three believe there will be a drop in adviser numbers in 2025.

Some advisers were more positive, with 37% saying they expect the industry to grow next year.

Advisers based in the north of England were marginally less optimistic about the number of intermediaries working in the mortgage sector rising next year, with 66% saying there will be fewer.

Firms in the southern regions of England were more positive, with 61% of the view adviser numbers would contract over the next 18 months.

Claire Madge, sales director at PRIMIS (pictured above), commented:  “Our advisers report a really varied picture.

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“In some parts of the country, customers are much more exposed to affordability constraints.

“In others, purchase and remortgage values are higher and income, therefore, more lucrative.

“Each firm has its own focus and business model to suit the customers they cater to and that means they experience different parts of the market – from high value loans and fewer transactions all the way through to writing more business at a lower margin.

“There is no doubt that it’s been a tough couple of years for borrowers and that has affected brokers.

“But whether our industry grows or not is of less relevance to advisers who run their businesses, as they know only too well.”