Product numbers continue slow recovery

Jessica Bird

July 1, 2020

Mark Lofthouse, CEO Mortgage Brain -

Continuing a recent trend of slow recovery, product numbers rose 1.46% last week, to 9,165, according to data released by Mortgage Brain.

This is the highest level seen since the pandemic reached the UK, with product totals now 23.4% higher than those seen in the low point of the week ending 12 April.

However, although recovery is progressing, product numbers are still 37.5% lower than the nine-week average to 16 March.

Last week, the overall volume of European Standardised Information Sheets (ESIS) being produced by Mortgage Brain dropped 4.7% compared to the previous week, 10.8% down on the levels seen pre-pandemic.

ESIS totals have, however, stayed within 11% of those seen before the pandemic for four consecutive weeks.

Residential purchases and home movers now account for 8.5% more of the overall share of generated than before the pandemic.

Meanwhile, buy-to-let (BTL) ESIS have a 4.8% higher share of the overall number of ESIS being generated now than before the pandemic.

In addition, ESIS volumes for products with a loan-to-value (LTV) of up to 80% have recovered to pre-pandemic levels.

However, residential ESIS volumes for cases of 85% LTV and above are now 12.8% lower than in the week ending 6 March.

Mark Lofthouse, CEO at Mortgage Brain, said: “It’s striking to see the way that the proportion of ESIS for home moves has increased in recent weeks.

“Remortgage cases understandably dominated the business mix during lockdown, but with the housing market in England once again operational, it’s clear that buyers are getting on with moving.

“That overall ESIS volumes have remained largely stable for four weeks is also enormously encouraging, demonstrating there is some foundation to the recovery we are seeing.”

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