Mortgage searches, the volume of documents prepared and the value of loans were all up on the week ending 17 May, shows a new Twenty7Tec report.
Searches grew 27.46 per cent, documents 25.65 per cent, and the value of loans 25.05 per cent over the week, the fintech company says.
As well as this, purchase mortgages, which normally represent 55 per cent to 60 per cent of the market and had recently fallen to 24.5 per cent, moved up to represent 40.07 per cent of the market in the week ending 17 May.
Meanwhile, buy-to-let searches, which have historically represented 19.78 per cent of searches, are now at 22.59 per cent.
Twenty7Tec chief executive James Tucker that 17 May was, “the busiest Sunday in weeks and the whole weekend has gone well for the mortgage industry. We are starting to see significant volumes return to the market.
Taken on that day, the volume of mortgage searches was up 22.36 per cent compared to the previous Sunday, the volume of documents prepared up 28.83 per cent, and the value of loans up 14.02 per cent.
“It’s hard to overstate the effect that last week’s reopening announcement has had on the market,” Tucker adds.
“It’s the first week that we have ever seen where activity on the Wednesday, Thursday and Friday all outperformed the Monday and Tuesday.
“Of course, we’ll see how this pans out this week and, come Wednesday, will be able to see the results of the first full week of the Jenrick effect. Is this just prior pent-up demand or is it a sustainable growth based also on new business? Time and data will tell us.”