Homebuyers attempted to stay “one step ahead” of the Bank of England’s rate decision as mortgage searches surged ahead of its announcement — and then slumped after the base rate was held.  

In the week leading up to the Monetary Policy Committee’s no-change decision yesterday, 400,610 mortgage searches were recorded – making it the second busiest pre-decision week over the past year, according to mortgage tech provider Twenty7tec. 

But in the 24 hours that followed – after the committee confirmed it was holding the rate at 4.25% – mortgage searches dropped by 13.7%. 

Twenty7tec director Nathan Reilly (pictured) adds: “There was a lot of talk that the market wasn’t expecting a rate cut.

“But what’s interesting is how that anticipation shaped borrower behaviour – activity spiked early in the week, then dropped by 13.7% on the day of the decision itself, compared to the prior three-day average. 

“It’s clear that many consumers were doing their homework ahead of the announcement — a pattern we’ve seen more regularly as buyers look to stay one step ahead of potential market shifts.” 

The Bank’s nine-member rate-setting body voted 6-to-3 to hold the base rate, with deputy governor Dave Ramsden, Swati Dhingra and Alan Taylor arguing for a 25 basis points cut. 

Twenty7tec adds that standard residential searches dropped from a high of 66,491 on 16 June to 55,694 on 19 June – a 16% slump. 

While landlord searches went from 13,899 on 17 June to 12,341 enquiries on 19 June — an 11% fall. 

Reilly adds: “Buyers are becoming increasingly savvy – they’re planning ahead, tracking rate decisions, and researching mortgage options earlier than ever.”