As the post-Christmas listing boom has filtered its way through to mortgage enquiries, the latest data from Twenty7tec shows that last week was the busiest-ever start to a new calendar year for mortgage searches.
Wednesday (03.01.24) and Thursday (04.01.24) were the two busiest days ever at the beginning of the calendar year. Wednesday was the busiest day of the week, which saw a total uplift in mortgage searches of 5.53% compared to last year’s first week of the year, seeing well over 80,000 mortgage searches taking place, putting it in the top 50 days ever for search volumes on the Twenty7tec platform. Nathan Reilly, Director of Twenty7tec, said:
“2024 has certainly got off to a good start. Following the news that Rightmove saw a record number of homes putting their house up for sale on Boxing Day, enquiries are flooding through.
Last year, we saw that January was the second busiest month of the year for first time buyers and January, February, and March were the three busiest months of the year for first time buyers mortgage searches. If things keep on going the way they are, we might see new records being made across the board for mortgage enquiries.”
What’s more, recent data from the Bank of England has suggested that more people may be looking at moving home in the first part of 2024 as the latest figures show that mortgage approvals for house purchases rose from 47,900 in October to 50,100 in November. Falling to a low of under 40,000 toward the end of 2022, the general trend in mortgage approvals in 2023 has been upward, indicating the return of some confidence to the housing market in the wake of high inflation, rising interest rates and lower than inflation income increases.
The current housing market has also revealed a cooling a trend – with the Housing Insight Report highlighting a 14% decrease in the number of properties available for sale, and a 26% reduction in new properties coming to market, indicating a cooling of the market. There has also been a 6% decrease in the number of buyers registered.
Industry experts are optimistic about the coming months, as the bate rate appears to have peaked, instilling confidence in both buyers and sellers. The Bank of England’s decision to maintain interest rates at 5.25% signals a stable start to the new year. Nicky Stevenson, Managing Director of Fine & Country, said that steady interest rates are a “positive sign” for the property market. She continued:
“It allows for increased planning confidence among buyers and sellers, setting the stage for a more stable and predictable year ahead.”
