In just five months, the number of mortgage deals available to consumers has more than halved, falling from 5,222 on 1 March to just 2,526.
As well as this, data due to be released in the Moneyfacts UK Mortgage Trends Treasury Report shows that in the four weeks between 1 July and 1 August, 202 mortgage deals disappeared from the market. This is despite the housing market picking up after the spring lockdown and being boosted by the Government’s rise of the stamp duty threshold.
|Total number of mortgage deals available
|1 March 2020
|1 July 2020
|1 August 2020
“The introduction of the stamp duty holiday and record low average rates following an enforced period of shutdown for the market has seen demand for mortgages escalate in recent weeks,” Eleanor Williams, finance expert at Moneyfacts.co.uk, explained. “However, product choice and availability remains a key issue for mortgage borrowers, with this month continuing the downward trajectory we saw between June and July; there were 2,526 live products as of the 1 August, a fall of 202 compared to last month, and 2,696 less than the number of products on offer at the start of March, meaning there is 48% less choice available to consumers as the industry continues to feel the impact of the Coronavirus pandemic.”