Twenty7tec has announced mortgage market statistics for early November 2024.
In week 45 (week beginning 3rd November 2024), they saw 264,422 residential mortgage searches, which was up 9.88% on the prior week. 61,557 Buy To Let mortgage searches, which was up 13.36% on the prior week and 100,701 ESIS documents prepared, which was up 12.46% on the prior week.
Nathan Reilly, director at Twenty7tec, said that they saw the market “take a beat” in the two weeks prior, with cautiousness in the run-up to the Budget and the interest rate decision hitting mortgage search volumes as well as the volume of ESIS documents created. He added:
“And although we saw a bounce bank on activity last week to outstrip the two prior weeks, the market was still pricing in the changes from the Budget and the interest rate decision which took place on Thursday.
Last week was only the 22nd busiest week of the year for ESIS documents and only the 38th busiest week this year for mortgage searches. In normal years, these weeks are among the busiest all year, 7th and 16th, respectively.
Hence, my gut instinct and the data point towards some pent-up demand being in the system now, which, combined with some good news for homebuyers in the interest rate drop, points towards a renewed uplift in activity this week.”
