Housing market reboot triggers surge in mortgage applications
Mortgage technology firm Twenty7Tec is running a daily market snapshot service which shows the volume of searches for the week ending last Sunday, May 17, was up 27 per cent on the previous week and up 43 per cent on four weeks ago.
The number of online searches for purchase mortgages (as opposed to remortgage loans) on Sunday May 17 was up 64 per cent on the same day a week earlier.
“We are starting to see significant volumes return to the market – with searches for purchase mortgages in particular rapidly gaining pace. Searches for purchases are now at 44 per cent of pre-lockdown highs, up from lows of 15.6 per cent in mid April” explains James Tucker, chief executive of Twenty7Tec.
“It’s hard to overstate the effect that last week’s reopening announcement has had on the market. It’s the first week that we have ever seen where activity on the Wednesday, Thursday and Friday all outperformed the Monday and Tuesday” he adds.
“This weekend, for the first time since lockdown, purchase searches overtook remortgages searches.”