The number of product illustrations downloaded by brokers has increased for the fifth consecutive week, data from Mortgage Brain show.

Over the past seven days the number of European standardised information sheets downloaded by mortgage advisers increased by 11.5 per cent.

Volumes have increased by 27.7 per cent since the housing market formally reopened three weeks ago and by 43.7 per cent from the lowest point seen in the week ending April 26.

However, ESIS downloads are still down by 23.7 per cent on the nine-week average to March 16.

The number of available mortgage products now stands at 8,635, which is 2.2 per cent higher than last week and  16.3 per cent higher than the low point in the week ending April 12.

However, product numbers remain 41.2 per cent below the nine-week average to March 16.

Homemover and first-time buyer borrowing now accounts for 57.5 per cent of business, an increase of 12.8 per cent over the last week, with remortgaging accounting for the remainder. 

These proportions are similar to the make-up of the market pre lockdown. 

The split of lending by LTV is also beginning to return to pre-pandemic levels, although lending at above 90 per cent LTV represents just 1.4 per cent of business, down from the 6.6 per cent a few months ago.

Mortgage Brain chief executive Mark Lofthouse says: “There is more cause for optimism at the moment, with ESIS volumes up strikingly since the housing market reopened its doors just a few weeks ago. 

“Purchase lending has swiftly recovered to account for a similar proportion of business as before the pandemic demonstrates that there is still a keen desire among would-be homebuyers to get on with moving up or down the ladder.

“But it remains extremely early days in this recovery. 

“While we have now seen sustained improvements in the numbers of products available, they remain substantially down on pre-pandemic levels as lenders gradually adjust to the new world. 

“While there is good reason to feel positive about the direction the market is heading in, progress looks likely to remain slow and steady for some time to come and it remains to be seen whether these business levels are sustainable.”