Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Broker Activity Rose in Q1 2026 Amid Iran Conflict, Says IMLA
Broker activity increased in the first quarter of 2026, with the average number of cases placed per year rising to 96, up from 89 in the final quarter of 2025. The Intermediary Mortgage Lenders Association (IMLA) attributes this surge to borrowers bringing forward remortgages and purchases as the war in Iran led to rising swap rates and revised economic forecasts for Bank of England base rate cuts.
According to IMLA's latest industry tracker, Bank of England gross secured lending data showed a decrease to £68bn in Q1 from £78bn in Q4 2025. IMLA notes that this difference is largely due to the lag between application activity and completed transactions.
Broker confidence showed some recovery compared to Q4 2025, with sentiment improving between January and February before declining in March as the Iran conflict developed. The sharpest drop in confidence was seen regarding the outlook for the wider mortgage industry. However, confidence in advisers’ own businesses remained more resilient, with a net score of 95. Confidence in the intermediary sector stood at 82, and in the broader mortgage industry at 79, with all three measures remaining slightly below pre-Covid levels.
IMLA highlighted that much of the Q1 2026 activity was driven by external shocks rather than underlying market momentum. The association also noted that conversion rates eased from Q4 2025 levels but remained within a reasonable range, and the stability of the DIP-to-full-application rate across four consecutive quarters indicated consistent process quality in the sector.
For UK letting agents and inventory clerks, these trends suggest that market activity and borrower behaviour can be significantly influenced by global events, impacting the timing of property transactions and related services.
Source: Mortgage Strategy