Twenty7Tec releases Mortgage Market Report – December 2021
Twenty7Tec, the market-leading mortgage tech provider, has released its monthly findings from the UK mortgage market for December.
Key findings for December 2021 include:
- 3% – Remortgages as a proportion of the mortgage market in December 2021. Purchases (excluding product transfers) = 57.7%).
- 12% – December 2021 was 12% busier than December 2020 for total mortgage searches.
- 7 December – December 7th was the only December day to rank in the top 50 this year for mortgage search volumes.
- 97% – December continued to see fewer First Time Buyers as a percentage of all mortgage searches (it was second only to November 2021 for the lowest FTB proportion in the past 20 months).
- 23,316 – There were fewer 95%+ mortgage searches in December than there were in the single week ending 19 April 2021.
- 109,459 – There were fewer <£150k property searches in December 2021 than at any time since April 2020 – during lockdown 1.0.
- 16,923 – At year end, there were 16,923 products available on Twenty7Tec’s systems, a leap of 74.6% on Dec 31 2020.
- £69,349 – December 12th saw the highest daily average household income for mortgage searches this year.
Annual findings:
- Product availability is up 74.2% on last year
- Mortgage searches were up 19.72% year on year
- ESIS documents were up 48.16%
- First-Time Buyer searches were up 32.51% in 2021 v 2020
James Tucker, founder of Twenty7Tec, comments:
“We made it! 2021 was a year that we will talk about for many years to come in our industry. It had everything from the highest volumes we’ve ever seen to a sense that everything has changed, fundamentally and for good, in how we support customers in searching, applying for and ultimately obtaining a mortgage.
“Congratulations on making it through such a tumultuous year – look out for our Future Demands report due early in January 2022!”
Kindly shared by Twenty7Tec
Main photo courtesy of Pixabay
