On 21% of cases, the loan amount requested by a borrower was less than 5% away from being matched with an affordable option.
Analysis of cases processed through the Mortgage Broker Tools (MBT) research platform has found that the percentage of enquiries for affordable housing dropped from 80% in January 2021 to just 73% in August.
Over the same period, according to the Halifax House Price Index, the average property price has increased by more than £11,000 – rising 4.4% from £251,832 in January to £262,954 in August.
However, analysis of the MBT data found that on 21% of cases, the loan amount requested by a borrower was less than 5% away from being matched with an affordable option.
MBT said that, by considering a wider pool of lenders, many borrowers could achieve the loan size they need to buy the property they want.
Tanya Toumadj, chief executive at Mortgage Broker Tools, said: “The strength of the property market over the course of 2021 has been well documented and it has naturally made it harder for buyers to afford a home of their choosing as they have needed to stretch their borrowing further to keep up with rising prices.
"As a consequence, the latest Mortgage Broker Tools Affordability Index shows that more mortgage enquiries are considered to be unaffordable than at the beginning of the year.
“However, buyers and brokers shouldn’t lose hope. Our data also shows more than a fifth of these cases that are considered unaffordable are less than 5% away from there being a suitable affordable option.
"So, there are opportunities for many borrowers to secure the loan they need, as long as they work with the best lender for their circumstances.
“With this in mind, it’s never been more important for brokers to carry out comprehensive and accurate affordability and criteria research before starting an application as this can prove the difference between a customer securing the property they want or being left disappointed.
“Technology is the key to doing this efficiently and effectively, and Mortgage Broker Tools is the most extensive and reliable research platform available in the market, with affordability results from more than 60 lenders, and criteria research from more than 100.
"We’re so confident that MBT will be a game changer for brokers that we’re offering a free 30-day trial and we encourage any broker who cares about securing the best result for their clients to give it a try.”