Product numbers have bounced back to the highest level since the pandemic hit the UK, figures from Mortgage Brain show.
The sourcing system says that the number of deals on the market reached 9,033 in the last week, which is 3.3 per cent higher week on week and 21.7 per cent above their lowest point in lockdown which was in mid-April.
However, product availability remains 38.4 per cent below the pre-Covid average for the nine weeks up until March 16, when there were 14,656 deals on the market.
The number of European standardised information sheets downloaded by brokers over the past seven days increased for the eighth week in a row and is now 6.45 per cent down on pre-pandemic levels.
ESIS downloads have returned to pre-lockdown levels in all bands up to 80 per cent LTV.
However, ESIS volumes for products with an LTV of 80 per cent to 85 per cent have increased by 4.9 per cent over the past fortnight, while those between 85 per cent and 90 per cent have dropped by 7.1 per cent.
ESIS downloads for products above 90 per cent LTV represents just 1.1 per cent of those generated, significantly down on the 6.6 per cent proportion it represented before the pandemic.
Mortgage Brain chief executive Mark Lofthouse says: “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 remortgagors 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.”
He adds: “While the improvement in product numbers is also welcome, there is still much progress to be made.
“Though the market below 80 per cent looks to be back on relatively stable footing, it’s evident that options are slim for those with a 15 per cent 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.”
