In July mortgage activity fell and for the fourth month in a row the number of direct products increased to 1,240, a rise of 10% since May, according to TrigoldCrystal.
The August TrigoldCrystal Product Index reported that the average number of live products available to brokers fell from 2,610 in June to 2,202 in July – a reduction of 408 individual products and a drop of 6%.
Year on year analysis shows that mortgage product availability was significantly lower than previous years. Previous stats reveal products numbers to be 13,464 in July 2008 and 64,803 in July 2007.
The average number of live Direct Only products available in the month of July was 1,240. This is an increase of 46 products from June.
672,124 mortgage sources were performed in July which is a fall in intermediary activity of 14.76% when compared with June, a fall in broker activity in real terms of 116,359 individual mortgage searches. This is a significant 47% drop in broker activity from last July (2008) when 903,512 individual mortgage searches were performed.
The average monthly mortgage payment in July was £765.80 which is marginally lower than the previous month equating to a saving of £15.29.
David Aylmer, marketing and business development director at TrigoldCrystal, said: “Although broker activity has fallen slightly since June