Twenty7Tec releases mortgage figures after fourth week of national lockdown 2.0

As we come out of lockdown and begin the tiers to manage the impact of the pandemic, Twenty7Tec releases its mortgage figures.

Lockdown 2.0 officially came to an end this week, although well over 90% of the UK population moved into tiers 2 and 3.

In our final weekly update on lockdown 2.0, drawing on Twenty7Tec’s data, we find that:

Searches

  • Mortgage searches are now just under 80% of the year’s high on a 7-day rolling period (whereas in prior years, this week is often among the busiest for mortgage searches);
  • Buy To Let has also dropped to 89.18% of yearly highs – down 5.3% on last week’s figure; and
  • Residential searches are at 77.95% of the year’s high on a 7-day basis.

Documents

  • Overall, ESIS document numbers are down 6% on last week at 83.68% of the year’s 7-day high;
  • BTL ESIS docs are at 87.83% of the year’s 7-day high, down 6.3% on last week; and
  • Residential ESIS docs are at 81.00% of the year’s 7-day high, down 5.9% on last week.
James Tucker, CEO and founder of Twenty7Tec, says:

“Although residential searches will have felt a lot quieter in recent days, the levels have only now just dipped below those of the Spring peaks – which we hit a week before the first lockdown began. The market has been operating at incredibly high levels for months now, but we believe that we are  likely to see the usual pre-Christmas ebb over coming days.

“That said, December 1st ranked as the 20th busiest day for BTL mortgage searches all year as buyers were clearly looking to beat the stamp duty deadline. Their slightly later deadline to benefit from the stamp duty holiday is down to BTL mortgages being slightly quicker to process than residential mortgages.

“BTL searches formed 20.45% of all searches and 22.31% of all ESIS documents prepared in week four of lockdown, down 2.9% and 0.9%, respectively

“Documents fare a little better than searches this week, but the picture is still one of less activity than we might expect at this time of year. That’s due to a combination of factors, including broader economic uncertainty and the end of the stamp duty holiday having propped prior weeks’ activity.”

 

Kindly shared by Twenty7Tec

Main article photo courtesy of Pixabay