The number of products on the market has increased by 488 to 8,044 over the past week as some lenders have returned to market and increased loan-to-values, according to Mortgage Brain.

The sourcing system says that the 5.9 per cent increase is the second weekly rise in a row, although product numbers remain 45 per cent below the levels seen before the lockdown came into force in March.

The majority of growth has been in the remortgage sector where the number of deals increased by 5.4 per cent, while home mover products increased by 2 per cent and buy-to-let numbers reduced by 1.9 per cent. 

Advisers’ downloads of European standardised information sheets steadied with a reduction of just 0.5 per cent week on week, however these remain nearly 47 per cent lower than before the pandemic.

Chief executive Mark Lofthouse says: “The increase in product numbers for the last two weeks and stabilisation of ESIS volumes is cause for cautious optimism. 

“The recent figures are encouraging and after taking into account any Easter effect we could be at the end of the dramatic week on week reductions, which is why we are now seeing stability and slow growth.

“This has enabled intermediaries and lenders to plan from a more solid base which in turn provides some certainty. 

“Looking ahead there is pent up demand in the home moving sector and we’ll see indications of this being realised in the figures over the coming weeks and months.”