Buy-to-let landlords also experienced a significant increase, with product availability rising 6.2% over the last three months and 2.5% since December. Buy-to-let mortgage products now make up 20% of the market.
Home movers and remortgagers saw increases of 5.6% and 3.2% respectively in the last quarter. Compared to the end of last year, home mover products increased by 10.8% and remortgager options by 9%.
“We’re yet to see interest rates fall despite inflation now seemingly under control, but given the prolonged period of economic uncertainty that has enveloped the nation and the Bank of England’s cautious approach in managing it, it’s no surprise that it’s been deemed too early to cut rates,” said Jonathan Samuels (pictured), chief executive of Octane Capital.
“The good news is that since the base rate has been held at 5.25%, a greater degree of stability has returned to the mortgage sector and the wider property market. As a result, lenders have been increasing the number of products available to all buyer segments, and this greater level of choice not only benefits buyers, but demonstrates confidence in the market.
“With a rate cut on the horizon, it’s shaping up to be a far stronger year for the property sector and we’ve already seen signs of a return to form emerging since the start of the year.”
