Twenty7Tec has released its monthly report into the state of the UK’s mortgage market.
Key findings for March 2022
- We saw the largest month-on-month rise in searches since March last year – in part driven by the extra working days in March 2022 (versus February 2022)
- March 2022 saw five of the ten busiest ever days for mortgage searches on the platform
- March 2022 saw the highest ever monthly total for mortgage searches on the platform – surpassing even the stamp duty driven March 2021 by 60,000 searches
- Mortgage search volumes are growing fastest (14.64% month on month) in the £250k-500k valuation range
- The market softened in the 95%+LTV range – March 2022 was the weakest month year to date
- £1m+ properties now form a larger percentage of the market for searches than ever before at 4.29%
- The rise in searches for properties valued at over £1m rose 12.95% in March 2022.
- The total number of available mortgage products is now at 90.42% of pre-pandemic levels
- 24 mortgage providers are currently providing more mortgage products on our platform than ever before
Nathan Reilly, Director of Lender Relationships at Twenty7Tec says of this month’s findings:
“There’s a lot of change happening in the mortgage market right now. Demand remains high for both purchase and remortgage mortgages, but inflation-driven interest rate changes are also influencing the volume of searches that we’re seeing.
“Comparing March 2022 with the two prior Marches is very hard. March 2020 was the beginning of the UK’s lockdown and we quickly went from the height of the market to the lows of the month afterwards. March 2021 was the stamp-duty-driven boom of last year. Nonetheless, March 2022 has exceeded both prior years for total mortgage searches and ESIS documents created.”