First-time buyer searches made up nearly a quarter of total searches in April, shows data from Twenty7Tec.

The firm’s April report shows that FTBs made up 22.51% of searches on its system, up from 20.83% in March, which itself was up from 19.69% in February.

It adds that 12 of the 12 busiest days recorded for ESIS document for 95%+ LTV products came in April this year.

And while the volume of searches dropped in every LTV range in April, points out Twenty7Tec head of intermediary Nikki Cooke, it increased in the 95%+ LTV, “which has come from nowhere to overtake the 60% LTV to 65% LTV and 65% LTV to 70% LTV ranges for volume.

“It’s possible,” she adds, “that the 95%+ LTV range will even overtake the 70% LTV to 75% LTV range in the month ahead – a sign of where demand is in the market right now.”

Overall, searches slipped from just over 1.5 million in March to 1.3 million in April, with purchases dropping 7.6% to 983,424 and remortgage searches decreasing by 17.1% to 395,798.

Twenty7Tec chief executive James Tucker says: “In April, we saw the baton passed. In order to hit the end June deadline, most mortgages will have been processed by end April. Hence a dip in volumes in some segments of the market.

“However, overall volumes remained high because on April 19, the Government’s 95% LTV guarantee scheme kicked in and volumes took off.

“The 95%+ LTV scheme is a longer term play to keep the FTB market active and appears, to date, to be working. Let’s see what May brings us.”