That property prices are continuing to rise shouldn't be news to anyone. It was this, rather than an increase in the numbers of properties bought and sold, that accounted for the 8 per cent rise in UK lending last year, according to industry figures. Mortgage broker Mortgage Advice Bureau (MAB1) was a continued beneficiary of buoyant pricing during its first full year as a publicly traded company, posting a rise of a third in gross profit to £18.3m.
Intermediaries are taking an increasing share of the mortgage broking market from banks and building societies, accounting for 70 per cent of the market last year from less than half in 2012. MAB operates via a network of adviser businesses, which take on the MAB brand. The group grew its adviser base by a quarter to 844 last year, while the average revenue per adviser grew 8 per cent.