"June 2022 is going to be an incredibly interesting month for product availability after two consecutive months of product volumes dropping."
Its mortgage platform data for May shows that the month also saw a 10% rise in first-time buyer mortgage searches compared to the prior month.
May saw searches up for all mortgage product types - but not yet at March 2022’s highs - as May’s volumes were affected by the bank holiday.
The month saw four of the ten busiest ever days for self-employed mortgage searches and a 34.6% increase in the volume of mortgage searches on properties valued at over £1m.
Despite the rise in searches, May saw the total number of products available on the market fall for the second month in a row - now at 87.5% of pre-pandemic highs as the market absorbs macroeconomic data.
By the end of May, the market lost 5% of all mortgage products over a six week period, making the month the first that ended with fewer than 1,000 95% products since November 2021.
Nathan Reilly, director of lender relationships at Twenty7Tec, said: “This year to date, we've seen a large uplift in the average number of mortgage searches being run by each adviser compared to the same period last year which also included the stamp duty deadline. We're helping advisers become more efficient so that they can handle this extra demand, including using the APPLY system which removes a lot of the duplication of effort that advisers and homebuyers can otherwise experience.
“June 2022 is going to be an incredibly interesting month for product availability after two consecutive months of product volumes dropping. That statistic is often a bellwether for mortgage market confidence."
