Twenty7Tec: Volume of mortgage searches shows green shoots in the sector
At the end of March, as the UK lockdown started, Twenty7Tec’s statistics showed week-on-week and even daily drops in the volume of searches, documents prepared and loan values.
However, this week has brought somewhat more positive news.
Tucker said: “Yesterday, we saw the first uplift in the volume of mortgage searches for several weeks.
“The volume of searches versus the same day the week prior were up 4.96%.
“And the number of [European Standardised Information Sheet (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.”
Tucker counselled cautious optimism for the industry in the face of this uptick.
He said: “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.”