Thursday busiest recent day for purchase searches: Twenty7Tec - Mortgage Strategy

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Thursday 28 May was the busiest day for purchase mortgage searches since the start of lockdown, shows the latest market report from Twenty7Tec.

As well as this, last week, with its bank holiday Monday, contained four of the five busiest days since lockdown began.

However, because of the bank holiday, Twenty7Tec says, total search volumes were down 3.13 per cent on the week, and EIS document and the value of mortgages documented also fell – 3.80 per cent and 0.90 per cent, respectively.

The report also shows that remortgage searches dropped significantly – 19.03 per cent on the week before, while the ratio of purchase to remortgage searches came in at 59.9:40.1 which, Twenty7Tec says, is “near the upper end of long-term ratios.”

Twenty7Tec chief executive James Tucker comments: “If we can sustain [the purchase search] momentum into the week ahead, it’s likely to be the best week for over two months.

“Bank holidays and weeks with them in disproportionately affect remortgage volumes, so let’s see what the week ahead brings.

“There are some broader macroeconomic challenges ahead – including the changing terms of the mortgage holiday and furlough and how these will affect employment rates, and household incomes and finances and the supply and demand in the housing market.”


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