Buy-to-let (BTL) and residential mortgage searches and European Standardised Information Sheet (ESIS) documents all increased in the week beginning 3 November to pre-Budget levels.
Twenty7tec data reveals BTL mortgage searches increased 13.36% compared to the prior week, totalling 61,557.
Residential mortgage searches lifted 9.88% to 264,422 compared to the week before.
Meanwhile, ESIS documents were up 12.46% on the prior week.
Twenty7tec director Nathan Reilly says: “We saw the market take a beating in the two weeks prior, with cautiousness in the run-up to the Budget and the interest rate decision hitting mortgage search volumes as well as the volume of ESIS documents created.”
“And although we saw a bounce back in activity last week to outstrip the two prior weeks, the market was still pricing in the changes from the Budget and the interest rate decision which took place on Thursday.”
“Last week was only the 22nd busiest week of the year for ESIS documents and only the 38th busiest week this year for mortgage searches. In normal years, these weeks are among the busiest all year, 7th and 16th, respectively.”
“Hence, my gut instinct and the data point towards some pent-up demand being in the system now, which, combined with some good news for homebuyers in the interest rate drop, points towards a renewed uplift in activity this week.”
