Twenty7Tec releases its latest Monthly Market Report
Twenty7Tec releases the March edition of its Monthly Market Report which shows that the property market in February was generally buoyant.
Key findings in February include:
- A 10% rise in the volume of mortgage searches for houses valued over £1m, compared to January.
- A 9.94% increase in total value of loans documented using our systems, compared to January.
- Feb 2021 saw the 11 busiest days ever for preparing mortgage documents. (And 13 of the highest ever 15 days).
- The number of mortgage searches for every mortgage document produced. This is up 25% over the past 12 months.
- First time buyers made up almost 20% of the mortgage searches in February 2021.
- Purchase v Remortgage search ratio hasn’t really shifted for three months now at 65:35.
- Searches were up across all types of mortgages, including a noticeable bump in buy to let volumes of almost 7%.
- We documented £43.7bn of loans which trends to £13.9bn of gross mortgage lending in February 2021.
James Tucker, CEO at mortgage technology provider Twenty7Yec, commented:
“Despite coming hot on the heels of an outstanding January and yet subject to the Chancellor’s Budget in March 2021, February surpassed expectations.
“Volumes were up across the board for both searches and documents prepared. Equally, the ratio of purchase to remortgage (65:35) appears settled. The ratio of first time buyer searches also appears settled at around 20%.
“We’ll report back on the effects of the Budget announcements as they begin to affect our figures.”
Kindly shared by Twenty7Tec
Main photo courtesy of Pixabay
