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July was the busiest month of the year for mortgages says Twenty7Tec

The latest (July 2020) Supply & Demand Report by mortgage technology provider Twenty7Tec, has revealed that the month of July was the busiest month of the year so far, with remortgage levels consistent with pre-lockdown levels and purchase levels quadrupling.

The data has also revealed a lift in search levels at all price points; with the largest rise occurring in the £500k-£1m region, as stamp duty savings have made these properties more accessible.

Other key findings include:

  • Searches are slowing now that they have surpassed the pre-lockdown peak;
  • The share of searches from First Time Buyers (FTB) is up;
  • Buy To Let (BTL) had a significant drop off at the end of the month;
  • Product availability is falling despite activity levels being at the year’s high.     

James Tucker, CEO at Twenty7Tec, commented: “July was the busiest month of 2020 for mortgage searches. This is not a sentence that I was expecting to write less than a month ago. For our business, and indeed for our customers, the speed of the recovery of activity in the mortgage market has been truly astonishing.”

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