Our market is evolving rapidly, so I wanted to share some of our key data and some of our latest insights. I’d be interested to hear what you are seeing too.
First, the number of mortgage searches from Monday this week are down 15.5% compared to Monday last week. The number of was also down by almost 12% for the seven days to yesterday compared to the week before. In ‘normal’ weeks, we’d see a Monday spike in activity as weekend viewings turn into mortgage searches, but this has been flatter for the past couple of weeks, with the rest of the week then failing to make up the difference.
Next, remortgaging levels are very consistent over the past week, with the dips in activity coming from the purchase side. That said, the purchase versus remortgaging split is currently hovering around long-term averages at 47:53. Finally, in a couple of days’ time, we’ll be able to see how much the three-month mortgage holiday has been able to shore up confidence in the mortgage market as we will be able to compare the whole week after the announcement with the week prior.
The Chancellor’s announcement last Tuesday will have taken time to filter through the system, so it will be interesting to see how much difference it has made.
James Tucker – CEO