Property Market Continues To Enjoy Busy Days
The property market continues to work it’s way through the corona virus pandemic, continuing to make steps on the road to recovery.
Based on data shared by Twenty7Tec covering the week ending 30th May, it revealed that as a result of the bank holiday the week had four of the five busiest days since lockdown began.
The data also revealed that last Thursday (28th May) was the busiest week for purchase mortgages since lockdown began, with search volumes now at 74.3% of the year’s highs.
It could be expected that due to the longer weekend afforded by the bank holiday, some of the other statistics were affected due to there being fewer working days permitting people to conduct searches. This was evident in the total mortgage search volumes which were down 3.13% on the previous week.
James Tucker, CEO of mortgage technology provider Twenty7Tec says:
“This week’s results were affected by the bank holiday last Monday and the significant drop off in remortgage business.
“Despite the bank holiday Monday, the week’s results only nudged down 3.13% on the prior week’s mortgage search volumes. We had four of the five busiest days for total volumes since lockdown began, with Thursday standing out as the busiest day for purchase searches since lockdown began.
“If we can sustain that momentum into the week ahead, it’s likely to be the best week for over two months.
“The remortgage market, however, is shifting a little and has activity levels drop off to a six week low. Bank holidays and weeks with them in disproportionately affect remortgage volumes, so let’s see what the week ahead brings.
“It’s almost impossible to believe that purchases now form almost double the ratio of mortgage searches that they did just a month ago. At the end of April, they represented 31.4% of weekly mortgage searches, whereas at the end of May, they represented 59.9%.
“Buy To Let has dropped to 17.99% of mortgage searches versus 65.94% for standard residential searches. This is down significantly on recent highs of 24% of all mortgage searches.
“There are some broader macroeconomic challenges ahead – including the changing terms of the mortgage holiday and furlough and how these will affect employment rates, and household incomes and finances and the supply and demand in the housing market. As we navigate through the coming weeks, we will continue to issue weekly figures to make sure that buyers, intermediaries and lenders are all best placed to make the right decisions.”