Twenty7Tec has issued its findings based on its mortgage platform data for April 2022.
The main findings include:
- April 2022 had the fewest monthly mortgage searches since October 2021 (apart from December which is always slower)
- April 2022 saw a 20% drop in Buy to Let mortgage searches
- First Time Buyers as a percentage of total mortgages searches has crept back over one-fifth again – the first time since June 2021.
- April 2022 was the first month where we had fewer mortgage products on the market at month end than the prior month end since October 2020.
- April 2022 saw a 20% drop in fixed mortgage searches compared to the month prior. March 2022 was the high point for fixed mortgages since we began reporting figures publicly in January 2020.
- April 2022 saw a 25.5% drop in remortgage searches month on month
- The biggest fall in mortgage searches happened for properties valued at over £1m (a 16.01% drop)
James Tucker, founder and CEO of Twenty7Tec said of the findings:
“It’s hard to determine if the changes we’ve seen in the market are due to a change in confidence, economic outlook, the upcoming Bank of England potential rate change or simply down to April having fewer working days and everyone needing a well-earned break. The next few days for the market are going to be very instructive“