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Bad news for product numbers and broker activity says TrigoldCrystal Product Index
The June TrigoldCrystal Product Index constructed from data from their mortgage sourcing system in May has revealed that the average number of live mortgage products available to mortgage intermediaries has fallen by 6.45% from April to 2,673.
TrigoldCrystal Product Index - March 09 - April 09 - May 09
Total number of mortgage sources 802,707 716,867 642,321
Average monthly mortgage payment £759.34 £761.39 £769.57
Average number of [Intermediary Only] products 2,777 2,858 2,673
NEW: Average number of DIRECT ONLY products N/A 1,009 1,118
Mortgage Product Highlights:
The average number of live products available to Mortgage Intermediaries fell from 2,858 in April to 2,673 in May a fall of 185 individual products and a drop of 6.45%.
Year on year analysis shows that mortgage product availability was significantly lower than previous years being down by 80% from May 2008 and 96% from May 2007.
NEW: The average number of live Direct Only products available in the month of April was 1,118. This is an increase of 109 products.
Mortgage Sourcing Highlights:
642,321 mortgage sources were performed in May which is a fall in intermediary activity of 10.40% when compared with April, a fall in broker activity in real terms of 74,546 individual mortgage searches.
This is a significant 47% drop in broker activity from May 2008 and means that 579,420 fewer individual mortgage searches performed.
Mortgage Pricing Highlights:
The average monthly mortgage payment in April was £769.57 which is £8.18 higher than the previous month but £175.67 cheaper than May 2008.
David Aylmer, marketing and business development director at TrigoldCrystal commented on the results saying: Although product numbers have fallen for the second month in a row, the speed of descent has definitely slowed suggesting that we might be reaching some welcome stability in the market. It is still a tough commercial landscape for brokers although reports of increased house sales and suggestions that prices are on the up should be welcome news. Broker activity the number of times they physically source the market on behalf of a client has also fallen by 10% in May but this is likely to be in direct relation to a general slowdown in the housing market. The good news for borrowers and intermediaries is that there are still over 2,500 products to choose from including schemes available up to 95% Loan to Value.
