Mortgage searches were down 15.46 per cent in the week to Monday, March 24 according to statistics released by Twenty7Tec.

The technology solutions provider has begun delivering daily market analysis for the duration of the Covid-19 crisis.

The volume of documents prepared on Monday was found to be down 5.4 per cent on the same day last week, while the total value of loans documented was down 3.4 per cent.

Compared with Monday two weeks ago, the volume of searches was down 18.77 per cent on March 24, the volume of documents prepared was down 13.3 per cent and the total value of loans documented was down 14.14 per cent.

Twenty7Tec chief executive James Tucker says: “In ‘normal’ weeks, we’d see a Monday spike in activity as weekend viewings turn into mortgage searches, but this has been flatter for the past couple of weeks, with the rest of the week then failing to make up the difference.

“Remortgaging levels are very consistent over the past week, with the dips in activity coming from the purchase side. That said, the purchase versus remortgaging split is currently hovering around long-term averages at 47:53.

“In a couple of days’ time, we’ll be able to see how much the three-month mortgage holiday has been able to shore up confidence in the mortgage market as we will be able to compare the whole week after the announcement with the week prior. The chancellor’s announcement last Tuesday will have taken time to filter through the system, so it will be interesting to see how much difference it has made.”