The total number of mortgage products across intermediary and direct channels saw a 16 per cent rise from 5,208 in July to 6,050 in August.
Direct products rose by 7% from 1,401 to 1,505; however intermediary products rose an impressive 19 per cent from 3,807 to 4,545 last month.
David Aylmer, business development and marketing director of TrigoldCrystal, said: “With the latest Nationwide figures showing a two month decrease in house prices, we have been concerned with turnover in the market, rather than property value, as it is the number of new mortgages which is of slightly more concern to advisers than their outright value.”
He added: “But the fact that seven times as many more intermediary products than direct have been introduced into the market over the last month does lend itself to the view that things are changing for the better.”
With greater competition in the market, the likelihood of reduced pricing in the housing sector seems evident, bringing parity between intermediary and direct pricing.
Alymer added: “Although the majority of our clients now offer a fee-paying option to include advice in direct products, the message that good advice is essential when selecting a mortgage is far better underlined when advisors are not squeezed out of the best deal by banks selling products on a non-advised basis.”
“The sooner that equitable pricing between direct and intermediary products returns to the market, the happier we will be.”