Mortgage search levels have returned to pre-Budget levels, the latest research from Twenty7tec has revealed.
As part of its mortgage market statistics for the week beginning the 3rd of November, the adviser tech provider found that there were 264,422 residential mortgage searches, up 9.88% on the prior week.
There were also 61,557 buy-to-let (BTL) mortgage searches, up 13.36% on the prior week, and 100,701 ESIS documents prepared, up 12.46%.
Nathan Reilly, director at Twenty7tec, said: “We saw the market take a beat in the two weeks prior, with cautiousness in the run-up to the Budget and the interest rate decision hitting mortgage search volumes as well as the volume of ESIS documents created.
“And although we saw a bounce bank on activity last week to outstrip the two prior weeks, the market was still pricing in the changes from the Budget and the interest rate decision which took place on Thursday.
“Last week was only the 22nd busiest week of the year for ESIS documents and only the 38th busiest week this year for mortgage searches. In normal years, these weeks are among the busiest all year, 7th and 16th, respectively.”
He added: “Hence, my gut instinct and the data point towards some pent-up demand being in the system now, which, combined with some good news for homebuyers in the interest rate drop, points towards a renewed uplift in activity this week.”
