Twenty7Tec publishes its May 2021 Mortgage Market Report

Twenty7Tec has launched its May 2021 Monthly Market Report today (3 June 2021), and James Tucker, CEO of Twenty7Tec, comments.

Key findings from this month include:

68%* Purchases as a proportion of the mortgage market in May 2021 (remortgages = 32%). *Excluding product transfers
96% Growth in products available as of May 31 2021 versus products available as of April 30 2021.
7 The 7 busiest days ever for ESIS documents on a 7-day rolling basis were in May 2021.
11 May Our busiest day ever for creating ESIS documents.
6% First time buyers made up 21.6% of the mortgage searches in May 2021, lower than in April 2021.
18% By end May 2021, 95%+ searches accounted for 18% of all mortgage searches on our systems, ahead of the YTD average of 15%
5 In May 2021, average searches per document produced dropped to 3.5, the long-term average.
30 June The end of the stamp duty free period ends.

James Tucker, CEO of Twenty7Tec, comments:

“We live in interesting times. The end of the stamp duty holiday is on the horizon and the adjustments to the new market conditions are already happening. We’ve seen fewer searches in most price ranges and LTV ranges in May as focus turned to creating ESIS documents which could hit the deadline of 30 June.

“Ironically, just as volumes dropped back further for the second month on the trot, product volumes rose above 12,000 for the first time in over a year.

“June is going to be interesting.”

Kindly shared by Twenty7Tec

Main photo courtesy of Pixabay