Twenty7Tech has seen an uplift in mortgage searches for the first time in a number of weeks signalling positive news for brokers and lenders, James Tucker, CEO of Twenty7Tec has said.
At the end of March, as the UK lockdown started, Twenty7Tec’s statistics showed week-on-week and even daily drops in the volume of searches, documents prepared and loan values.
However, this week has brought somewhat more positive news.
Tucker said: “Yesterday, we saw the first uplift in the volume of mortgage searches for several weeks.
“The volume of searches versus the same day the week prior were up 4.96%.
“And the number of [European Standardised Information Sheet (ESIS)] documents prepared were up the same day last week by 3.52%, and even up on the prior day (which rarely happens) by 1.29%.
“Finally, the total value of mortgages being looked into also rose 1.66% versus the same day last week.
“The big spike was on purchase searches where there was an uplift of 13.13% versus last week.”
Tucker counselled cautious optimism for the industry in the face of this uptick.
He said: “Whilst one swallow does not a summer make, I think that the market needs to hear good news in a timely fashion.
“It’s definitely something for brokers, lenders and other providers to build on.
“Purchase mortgages currently represent 31% of daily searches up from a long-term low of 25% last week.
“This additional level of interest in purchase mortgages is a step back towards the long-term average of 55% purchase to 45% remortgage.”