Product numbers stabilise and ESIS reduction rate continues to shrink
Following substantial falls in available mortgage product numbers over the course of the previous three weeks, last week saw a reduction of just 0.1%, according to research by technology firm Mortgage Brain.
However, last week there were 7,425 products available, a further drop of just 52.
When compared to pre-pandemic levels, the number of mortgage products is still 7,249 (49.4%) lower.
The number of European Standardised Information Sheets (ESIS) produced from Mortgage Brain’s mortgage sourcing systems had reduced by a slightly more substantial 6.9%; however, this rate of reduction has shrunk for the fourth week in a row, suggesting that the low point is being reached.
When compared to the average over the nine weeks to 15 March, the overall reduction of ESIS stands at 46.6%, taking into account the Easter bank holiday.
Mark Lofthouse, CEO at Mortgage Brain, said: “The figures from last week are encouraging and after taking into account any Easter effect we could be at, or close to, the end of the dramatic week on week reductions.
“With the first signs of lenders coming back into the market and/or increasing [loan-to-value rations (LTVs)] this may be looked back on as the turning point, but only time will tell.”