Self-employed and foreign buyers buoy market in April: L&G

The data revealed that searches using average or the latest years’ accounts provided by self-employed borrowers grew by 64% in April, while searches using their account evidence or accounts spanning a number of years rocketed by 80%. Searches for self-employed sole traders also grew by almost half (43%).

As in March, ‘visa’ was the most-searched criteria point in April, with the volume of searches only dropping by 4% from the previous month. This was also the top search criteria in 2020 and 2021. In a similar vein, searches for overseas customers also climbed by a third last month (33%).

April also saw a 24% rise in searches using environmental criteria, albeit from a low base. This is perhaps an indication of a growing number of products in the green mortgages space, or an uptick in demand from borrowers for green products, including those that can help homeowners make renovations to improve their home’s energy efficiency rating.

Kevin Roberts, director at Legal & General Mortgage Club, commented: “Today’s findings are another reminder of the resilience of the UK property market. Despite wider economic pressure, demand so far has remained steady, and in some areas of the market is even rising. This includes a rise in the number of borrowers seeking green mortgages.

“Brokers are well placed to help borrowers to find these products, amongst other mortgages. However, to deliver the best outcomes for their customers, it’s important that brokers are equipped with the right tools. By allowing technology to take the burden of administrative work, we can give advisers more time to do what they do best: deliver great advice that supports their clients’ needs.”