Mortgage Advice Bureau has batted off the flat housing market by reporting good figures for 2017.
Revenue for the year increased by 17 per cent to £109m driven by a 14 per cent rise in the average number of advisers to 1,008 in the 12 months to December 31.
For 2017 as a whole the cvompany saw an increase in average revenue per adviser of three per cent, demonstrating a return to growth in productivity as anticipated following the lull in activity in the housing and mortgage markets surrounding the EU referendum in 2016.
The group's profit before tax for the year is in line with its board’s expectations. The Group had a strong balance sheet with a cash position of over £22m, including over £13m of unrestricted cash balances.
Peter Brodnicki, chief executive, says: "Activity levels remain relatively flat in the housing and mortgage markets and are forecast to remain so over the next few years, with an increase in first time buyers countering a flat home mover market and a weaker buy to let purchase market. Remortgaging and product switch activity remain on the increase.
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