Advisers are shifting towards more focused, high-intent client activity across protection and annuities, while mortgages are seeing a period of calm after a steady wave of refinancing activity, according to the latest quarterly sourcing data from Iress.
Iress’ Q2 Sourcing Data Insights report shows that the last quarter was characterised by a significantly calmer mortgage market following the volatility of earlier this year. At the same time, protection applications have remained resilient, supported by a continued focus on higher-quality outcomes from advisers. Q2 also saw annuity demand continue to reach record levels as a result of favourable rates.
Mortgages: Stability returns as remortgage market drives demand
Following months of rapid repricing and product withdrawals, the mortgage market showed signs of stabilisation during Q2. Key highlights include:
- The average shelf life of a mortgage product almost doubled from eight days in early April to 15 days by June, giving advisers greater certainty as they navigated the ongoing refinancing wave.
- Residential product choice came close to record highs during June as lenders competed for borrowers coming off fixed-rate deals.
- Two-year fixed products continued to gain popularity as rates remained lower than equivalent five-year fixes.
Protection: Quality over quantity becomes the defining trend
Protection data continues to show a market driven by committed advice rather than speculative research. Key highlights include:
- Driven by a growing market demand for higher-quality advice, application volumes have remained resilient, and conversion rates hold firm, reinforcing a growing ‘quality over quantity’ trend across the market.
- Technology is helping advisers improve efficiency, with new Iress sourcing enhancements saving the advice market the equivalent of 182 working days in administration during the first half of 2026.
- The data also reinforces the close relationship between mortgage advice and protection, with mortgage activity acting as the strongest trigger for protection conversations.
Retirement: Record annuity demand continues
Demand for annuities remained exceptionally strong throughout the quarter, with June recording the highest monthly volume on record. Key highlights include:
- Elevated gilt yields continue to support attractive annuity rates, encouraging advisers and clients to revisit guaranteed retirement income solutions.
- While equity release activity remains subdued in a high-rate environment, Iress believes growing industry discussion around housing wealth as part of retirement planning provides grounds for cautious optimism over the longer term.
Iress’ Managing Director for Sourcing, Jennifer Rafferty, said: "What stands out from this quarter isn't necessarily the volume of activity, but the quality of it. Across mortgages, protection and retirement, we are seeing advisers have more focused conversations with clients and helping them make decisions with greater confidence.
"In mortgages, the return of greater market stability has allowed advisers to concentrate on supporting the ongoing refinancing wave. In protection, we continue to see strong application levels, with data suggesting advisers are spending more time on committed client outcomes rather than broad product searches. Meanwhile, continued demand for annuities reflects advisers responding to favourable market conditions and helping clients lock in certainty where it matters most.
"Taken together, the data suggests advice firms are becoming increasingly efficient, using technology and market insight to spend more time with clients and less time on administration. As the market continues to evolve, that ability to combine efficiency with high-quality advice will become an increasingly important differentiator."
Ends
For further details, please contact:
Ollie Thring, Lansons
