Mortgage Brain has reported that the ESIS volumes produced by its sourcing systems have increased by 11.5% over the last week, continuing its recent resurgence.

The mortgage technology expert said it was the fifth straight week in which ESIS volumes had risen, with numbers growing by 27.7% since the housing market formally reopened three weeks ago.

ESIS volumes are up by 43.7% on the lowest point seen in the week ending 26 April, but Mortgage Brain added that the figures are still down on the nine-week average to 16 March, by 23.7%.
 
Mortgage Brain also revealed that the total of product numbers on the market has now risen for four consecutive weeks, increasing by 2.2% last week to reach a total of 8,635 – citing the return of higher LTV lending and the opening up of the home buying market as significant drivers in the increase, with purchase products accounting for 85% of the rise.

While product numbers are now up by 16.3% on the pandemic low point seen in the week ending 12 April, they still remained down by 41.2% on the nine-week average to 16 March.

The latest data from the mortgage technology expert also revealed that the breakdown of the types of mortgage being taken out is now returning to pre-pandemic levels. On residential lending, home mover and first-time buyer borrowing now accounts for 57.5% of business, having increased by 12.8% over the last week, with remortgaging accounting for the remainder.
 
Mortgage Brain CEO, Mark Lofthouse, commented: “There is more cause for optimism at the moment, with ESIS volumes up strikingly since the housing market reopened its doors just a few weeks ago. Purchase lending has swiftly recovered to account for a similar proportion of business as before the pandemic demonstrates that there is still a keen desire among would-be homebuyers to get on with moving up or down the ladder.
 
“But it remains extremely early days in this recovery. While we have now seen sustained improvements in the numbers of products available, they remain substantially down on pre-pandemic levels as lenders gradually adjust to the new world.

“While there is good reason to feel positive about the direction the market is heading in, progress looks likely to remain slow and steady for some time to come and it remains to be seen whether these business levels are sustainable.”

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