"It’s now been three months on the trot of fewer products available and advisers and lenders both need to think about all the forces driving that activity."
The drop in mortgage searches for properties below £250,000 remains in the single figures but widens to a 14.65% drop compared to last month for properties valued at over £1m.
Discussing whether the market has peaked for product availability, Twenty7Tec noted that there has now been three consecutive months of falling product numbers.
There are 1,200 fewer mortgage products available than at the previous month end – which represents a 6.8% drop after a 3.8% drop the previous month.
There are 118 fewer products in the 75% LTV bracket - around 5% of the market - and the market is currently operating at 81.6% of the pre-pandemic product volumes.
The data also shows that the volume for green mortgage searches remains very low (0.06% of the monthly mortgage searches) but has quadrupled in the past eight months and are proving increasingly popular for buy-to-let mortgages. Green buy-to-lets now trend towards one-third of the total green mortgage market.
June 2022 saw 4 of the top 15 ever busiest days for green mortgage searches.
James Tucker, founder and CEO of Twenty7Tec, said: “I don’t think that we can ignore the drop in total mortgage products available as a signal to the market. It’s now been three months on the trot of fewer products available and advisers and lenders both need to think about all the forces driving that activity.
“In better news, we appear to finally have lift-off in the green mortgages sector where customers and particularly buy-to-let mortgages are seeking a better rate as a result of their improved EPC ratings on their properties.”
