Twenty7Tec issues May 2022 UK mortgage market findings
Twenty7Tec has issued its May 2022 UK mortgage market findings report based on the mortgage platform data collated for May 2022.
The main findings include:
- May 2022 saw a rebound in monthly mortgage searches after the Easter-induced lulls of April 2022
- May 2022 saw a 10% rise in first time buyer mortgage searches compared to the prior month
- May 2022 saw the total number of products fall for the second month on the trot – now at 87.5% of pre-pandemic highs as the market absorbs macroeconomic data
- By end May 2022, we’d lost 5% of all mortgage products in just six weeks
- May 2022 was the first month that ended with fewer than 1,000 95% products since November 2021
- May 2022 saw four of the ten busiest ever days for self-employed mortgage searches
- May 2022 saw a 34.6% increase in the volume of mortgage searches on properties valued at over £1m
- May 2022 saw searches up for all mortgage product types – but not yet at March 2022’s highs – as May’s volumes were affected by the bank holiday
Nathan Reilly, Director of Lender Relationships at Twenty7Tec, said of the findings:
“This year to date, we’ve seen a large uplift in the average number of mortgage searches being run by each adviser compared to the same period last year which also included the stamp duty deadline.
“We’re helping advisers become more efficient so that they can handle this extra demand, including using the APPLY system which removes a lot of the duplication of effort that advisers and homebuyers can otherwise experience.
“June 2022 is going to be an incredibly interesting month for product availability after two consecutive months of product volumes dropping. That statistic is often a bellwether for mortgage market confidence.”
Kindly shared by Twenty7Tec
Main article photo courtesy of Pixabay
