Twenty7Tec has reported the largest month-on-month rise in mortgage searches in March since the same month last year.
The mortgage technology provider suggested this was in part driven by the extra working days in March 2022, compared to February.
This March saw five of the 10 busiest ever days for mortgage searches on the platform, while the month also saw the highest ever monthly total for mortgage searches on the platform – surpassing the stamp duty driven figure for March 2021 by 60,000 searches.
Mortgage search volumes are growing fastest in the valuation range between £250,000 and £500,000, by 14.6% month-on-month, while the data also showed a rise in searches for properties valued at over £1m, climbing by 13.0%. Properties valued above £1m now form a larger percentage of the market for searches than ever before at 4.3%
Furthermore, Twenty7Tec reported that the total number of available mortgage products is now at 90.42% of pre-pandemic levels, with 24 mortgage providers currently providing more mortgage products on the Twenty7Tec platform than ever before.
“There's a lot of change happening in the mortgage market right now,” said Twenty7Tec director of lender relationships, Nathan Reilly.
“Demand remains high for both purchase and remortgage mortgages, but inflation-driven interest rate changes are also influencing the volume of searches that we're seeing.
“Comparing March 2022 with the two prior Marches is very hard. March 2020 was the beginning of the UK's lockdown and we quickly went from the height of the market to the lows of the month afterwards. March 2021 was the stamp-duty-driven boom of last year. Nonetheless, March 2022 has exceeded both prior years for total mortgage searches and ESIS documents created.”
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