Mortgage fintech firm Twenty7Tec’s latest figures show that mortgages searches were down 32 per cent over the week to Friday 27 March.
Compared to the day before, searches fell nearly 20 per cent.
The volume of documents fell too, although not to quite the same levels – on the week they were down 20 per cent and on the day previous, 17 per cent.
Looking at loans documented, across the same time frame they fell 25 per cent on the week and 16 per cent from Thursday 26 March.
Additionally, the purchase and remortgage split has altered significantly. Usually coming it at 55:45, on Friday last week in lay at 39.5:60.5.
Twenty7Tec chief executive James Tucker comments: ““It’s hard to believe that only two weeks ago was the best performing week of the year to date for mortgage searches and now we have had the worst-performing week year to date.
“The market figures are in the red despite the best efforts of brokers, lenders and the treasury. There’s still activity in the market and we expect remortgage volumes to hold up well or even rise as more and more people seek to release equity.
“The purchase market is going to be reliant on existing valuations, vacant properties, and new builds with desk valuations. We’ve begun to see some innovation in this area, but there’s a sense in the market that purchase hasn’t bottomed out yet.
“I’m struck by the conversations I have had about how hard brokers are working for their clients over the past few days. That spirit and a willingness to do things differently over coming weeks is going to be key to our industry’s success.
“One thing I am proud of in terms of our own performance is the speed with which our team has processed product changes. Brokers can be confident that they are querying the very latest data, every minute of every day. That accuracy and confidence is always essential for brokers to deliver exceptional client service to their clients.”