Mortgage searches to the week ending Saturday 18 April dropped just 1 per cent on the previous week, show new figures from Twenty7Tec.

This follows last Friday’s report of seeing the first daily increase in mortgage product sales for several weeks.

However, search volumes for the week to 18 April were still down 28 per cent on two weeks ago, and 56 per cent on four weeks ago.

The volume of documents prepared over the same time frame as above fell 5 per cent on the previous week and the total value of loans documented fell nearly 5 per cent.

Compared to four weeks ago, the volume of documents are down 59 per cent and the value of loans 61 per cent.

The report also includes daily figures. On Saturday 18 April searches were up 49 per cent compared to Saturday 11 April and up 10 per cent compared to Saturday 4 April, the volume of documents prepared up 35 per cent and down 2.2 per cent respectively, and the total value of loans up 25 per cent and down 36 per cent.

The ratio of purchase mortgages and remortgages also changed significantly, coming in at 30 per cent to 70 per cent, the former figures ticking up from the recent low of 25 per cent.

Twenty7Tech chief executive James Tucker comments: “With total searches this week down only 1.04 per cent on the prior week, it’s possible that we are nearing or have even already hit the bottom of the market for residential purchase mortgages.

“On Thursday, we saw the first rises in searches for purchases over a month. Then on both Friday and Saturday, we also saw rises in searches. The volume of searches for Thursday, Friday and Saturday combined is up 60 per cent on the same three days from the previous week and almost matches the activity levels from the same days two weeks ago.

“While we don’t want to get ahead of ourselves, it’s good to have some figures in the green after a sea of red over recent weeks.

Tucker adds: “The extension of the lockdown until at least 7 May will mean greater pent up demand. If we think about our busiest periods of the year, they normally follow the times when we spend most time at home. Easter, Christmas and the school summer holidays all give rise to significant market activity. Our sense is that after being in lockdown for six or so weeks, that that effect will only be amplified.”