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“Whilst one swallow does not a summer make, I think that the market needs to hear good news in a timely fashion.”

Twenty7Tec says the mortgage market is “seeing the beginning of some green shoots” after seeing the first uplift in the volume of mortgage searches for several weeks.

Yesterday, the platform saw a 5% rise in the volume of searches compared to the same day last week.

Twenty7Tec also saw a rise in the number of ESIS documents prepared compared to the previous week and the previous day.

 

James Tucker, CEO of Twenty7Tec commented: “Yesterday, we saw the first uplift in the volume of mortgage searches for several weeks.

“And the number of ESIS documents prepared were up the same day last week by 3.52% and even up on the prior day (which rarely happens) by 1.29%.

“Finally, the total value of mortgages being looked into also rose 1.66% versus the same day last week. The big spike was on purchase searches where there was an uplift of 13.13% versus last week.

“Whilst one swallow does not a summer make, I think that the market needs to hear good news in a timely fashion. It’s definitely something for brokers, lenders and other providers to build on.

“Purchase mortgages currently represent 31% of daily searches up from a long-term low of 25% last week. This additional level of interest in purchase mortgages is a step back towards the long-term average of 55% purchase to 45% remortgage.”