Twenty7Tec: Volume of mortgage searches continues to drop
Twenty7Tec has released mortgage statistics for 27 March and 28 March, which show the continued decline of search volumes.
The volume of searches dropped by 19.86% between 26 March and 27 March, and in the week up to 27 March, the data shows a 31.93% decline.
Looking to the volume of documents prepared, in the day to 27 March it fell by 17.19%, and in the week to 27 March it declined by 20.09%.
In addition, the total value of loans documented dropped by 16.26 on a daily basis, and 25.24% on a weekly basis.
According to Twenty7Tec the purchase/remortgage split, which is normally 55:45 purchase or higher, was 39.5/60.5 on 27 March.
Moving on to the statistics recorded on 28 March, the volume of searches was down 23.78% on a weekly basis.
The volume of documents week-on-week also dropped, falling by 15.40%, and the total value of loans declined by 15.90%, over the same period.
The data, which is free to access, is collected using the firm’s INSIGHT platform.
James Tucker, chief executive of Twenty7Tec, said: “It’s hard to believe that only two weeks ago was the best performing week of the year to date for mortgage searches and now we have had the worst-performing week year to date.
“The market figures are in the red despite the best efforts of brokers, lenders and the treasury.
“There’s still activity in the market and we expect remortgage volumes to hold up well or even rise as more and more people seek to release equity.
“The purchase market is going to be reliant on existing valuations, vacant properties, and new builds with desk valuations.
“We’ve begun to see some innovation in this area, but there’s a sense in the market that purchase hasn’t bottomed out yet.”