Product numbers reached the highest level seen since the pandemic hit the UK last week, data from Mortgage Brain has revealed.
Last week product numbers increased by 3.3% to a new high of 9,033.
The total number of mortgage products on the market is now up by 21.7% on the lowest point seen during the crisis, in the week ending 12 April.
However, it remains down on the levels seen before the pandemic, standing at 38.4% lower than the nine-week average to 16 March.
The volume of ESIS generated by Mortgage Brain sourcing systems increased marginally over the week by 2.3%. This is the eighth consecutive week of ESIS growth, with volumes now only 6.45% down on the nine-week average to 16 March.
Mark Lofthouse (pictured), CEO at Mortgage Brain, commented: “There is clear comfort to be taken in these figures. For three weeks in a row ESIS volumes have remained at levels close to those seen before the pandemic, which suggests that the growing activity in the market is sustainable, and not simply the result of pent-up demand from would-be homebuyers and remortgagers who were forced to put their plans on hold by the lockdown.
“That should provide some encouragement not just for the weeks ahead, but for the rest of 2020 as a whole.”
“While the improvement in product numbers is also welcome, there is still much progress to be made. Though the market below 80% looks to be back on relatively stable footing, it’s evident that options are slim for those with a 15% deposit or smaller.
“A more substantial recovery will depend on lenders re-entering the market and offering a broader range of products, as well as more varied lending criteria.”