The number of product illustrations generated by brokers has recovered to nearly pre-pandemic levels over the past week, according to data from Mortgage Brain.

Downloads of European standardised information sheets were just 3.2 per cent below the nine-week average up until March 16 before lockdown began.

Week on week the number of ESIS generated over the past seven days was 3.4 per cent higher.

The figures show a marked resurgence in purchase activity, with residential purchase ESIS representing a greater proportion of total ESIS than pre-pandemic levels for seven weeks in a row. 

There has also been a shift towards higher-LTV borrowing. 

ESIS volumes at 80-85 per cent LTV are now 10.9 per cent higher than those seen earlier in the year, and now represent almost a quarter of all ESIS generated. 

However, it continues to be difficult for borrowers with the smallest deposits, with cases at 90 per cent LTV and above representing just 0.8 per cent of the ESIS generated, compared to 6.6 per cent before the pandemic.

Product numbers dropped marginally by 0.9 per cent last week to 9,179. They are now up by 23.6 per cent on the low point seen in the week ending April 12, but still 37.5 per cent on pre-Covid levels.

Mortgage Brain chief executive Mark Lofthouse says: “The recovery in purchase business since the reopening of the housing market in England has been striking. 

“Purchase ESIS across both residential and buy-to-let cases are now higher than before the pandemic struck, a testament to the strength of that underlying demand.

“With the housing market now open in Scotland, and the government’s decision to introduce a stamp duty holiday, we may be set to see this trend continue for some time.”