Mortgage product availability has climbed back above 7,000 for the first time in three months, as lenders continue to cut fixed-rate deals and increase competition in the market.
According to the latest Moneyfacts UK Mortgage Trends Treasury Report, residential mortgage products increased by almost 350 during May. At the same time, average fixed mortgage rates fell for a second consecutive month, with the average two-year fixed rate dropping to 5.68% and the average five-year fixed rate easing to 5.63%.
The figures suggest improving confidence among lenders, with greater product choice and lower borrowing costs providing encouragement for buyers considering a move.
Malcolm Prescott, Managing Director of award-winning local estate agents Webbers Property Services, welcomed the trend.
He said: “This has to be positive news for buyers and therefore home-sellers. This may only be a minor drop, but this is exactly the sort of trend that the property market needs. If rates are dropping, the long-term view must be for an improved picture. “The market is still price-sensitive, with available stock generally higher than last year, so buyers do have plenty of choice. However, greater mortgage availability and lower rates should help support confidence and activity across the housing market.”
Industry experts say the increase in mortgage products and easing of rates reflects a stabilising lending environment after months of uncertainty, offering further support to borrowers as the market adjusts to changing interest rate expectations.
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