July the ‘busiest month of 2020’ for mortgage searches
Mortgage technology provider, Twenty7Tec, has released its monthly market data for July, showing that it was the busiest month so far this year for mortgage searches.
Their monthly supply and demand report showed July’s boost saw remortgage levels remain consistent with pre-lockdown levels and purchase levels having quadrupled.
The data has also revealed a lift in search levels at all price points, with the largest rise occurring in the £500k-£1m region as stamp duty savings have made these properties more accessible.
Other key findings include that searches from first time buyers are now up, showing a returning confidence in that demographic, although buy-to-let saw a significant drop off at the end of the month.
Product availability is falling despite activity levels being at the year’s high – the number of products available fropped from 9,900 at June monthend to 9,541 at July month end.
James Tucker, CEO of Twenty7Tec, commented:
“July has been the busiest month of 2020 for mortgage searches. This is not a sentence that I was expecting to write less than a month ago. For our business, and indeed for our customers, the speed of the recovery of activity in the mortgage market has been truly astonishing. This is not a time to be complacent however – the positive momentum that we have all found both in business volumes and in the speed of technological change should not be lost.
Adrian Scott, Group Mortgage Services Director, Connells Group, added:
“The next major inflexion point in the market will be in the Autumn, due to the wider spread and impact of unemployment.”
James Tucker responded:
“It will be interesting to watch what happens with the BTL drop off over the next few days. Was it a blip after the PM’s tightening of rules nationwide or a pre-cursor to what we can expect in the coming months?”