According to the survey carried out by the business, several brokers have diversified into new markets in 2022 in response to market challenges, with 37% moving into BTL, 29% into bridging finance and 17% into commercial finance.

Although 48% of brokers surveyed agreed that 2022 was a good year for business despite the challenges towards the back end of the year, there is still considerable concern when it comes to 2023.

Around 75% of brokers said the continued interest rate uncertainty and ongoing cost of living crisis would impact their business and the wider industry over the next year.

In addition, 74% of respondents said they were unsure or worried about the year ahead and the prospects for their business.

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The survey also revealed that 52% of brokers expect to work more with a master broker like Crystal Specialist Finance in the forthcoming year, with many citing the complexity of their cases and an increase in clients with adverse credit histories as the main drivers for doing so.    

Jo Breeden, MD at Crystal Specialist Finance (pictured above), said: “2022 should have been the return to some form of normality to the market, but instead we have seen volatility and instability that is set to continue long into 2023. 

“Our survey has revealed that brokers are uncertain about next year, have diversified into new markets to bolster their businesses and see the role of a master broker like Crystal as increasingly important. 

“This trend has been evident in our business performance in Q3, with our enquiry numbers up 20% year-on-year and has continued into Q4 with current enquiry volumes up 30%.

“While the wider residential housing market will decline further in 2023, this presents opportunities for the resilient broker that is prepared to look into new markets — such as bridging, commercial finance and complex BTL.

“As ever, we will continue to provide our expert support as the industry faces into a challenging year ahead.”