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Recent news in the UK showed that in just one year there are 11% fewer advisors working in the mortgage advice space. This is likely a dual effect of two forces coming into play.
First is the sector is large, it doesn’t grow forever and some downsizing is to be expected. Equally it could be a portent of a general slowdown or a reflection of a scramble as house prices rose to extreme levels and now there is not as much headroom left so numbers shrink. It could be a leading indicator of something much worse too but as of now that ‘something’ is undefined outside of lacklustre growth and the mismanagement of a Labour Government who don’t want to cut their cloth according to its measure.
UK mortgage advisor numbers
The other factor that is also coming into play is AI, the mortgage process is becoming heavily digitized and we are entering the rapid growth solution phase of that which is similar to what happened with farm work during the industrial revolution. Initially things changed slowly, then more quickly as mechanization become vital to production and being competitive. These things will also reduce headcounts further, so the trend is evidence of this effect as well – and unlike the first reasoning, this one is only set to grow in influence as time passes.
