Sector Endured Four Worst Performing Weekdays Last Week
The four worst performing weekdays for searches and loans documented in March took place between Tuesday and Friday last week.
Friday March 27 represented the lowest value of loans documented in March, down 21.75 per cent on two weeks ago, and 25.24 per cent lower than the week previous.
The value of loans documented has also dropped by 16.26 per cent on the previous day with the property market slowing down in light of government advice released on Friday. This trend continued on Saturday March 28 with the value of loans documented decreasing by a fifth on the figures from the start of the month.
Searches continue to be significantly impacted by government advice in recent days, falling by almost a fifth on the day’s previous searches and a third on the figures from both a week (31.93 per cent) and two weeks ago (33.71 per cent). The search figures for the weekend had also fallen by 23.78 per cent and 30.95 per cent on a one week and two week basis respectively.
James Tucker, CEO of mortgage technology provider Twenty7Tec says:
“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.
“I’m struck by the conversations I have had about how hard brokers are working for their clients over the past few days. That spirit and a willingness to do things differently over coming weeks is going to be key to our industry’s success.
“One thing I am proud of in terms of our own performance is the speed with which our team has processed product changes. Brokers can be confident that they are querying the very latest data, every minute of every day. That accuracy and confidence is always essential for brokers to deliver exceptional client service to their clients.”