In a boost for the UK property market, the new Twenty7Tec Mortgage Supply & Demand Report reveals a highly unusual mortgage spike in August, with brokers on its platform more than doubling their average August volumes of mortgage searches and applications.
August is usually one of the quietest months of the year for mortgages, but in 2020 it was the second busiest month of the year behind July, with brokers processing 2.22 times more August searches and applications than their five-year average.
The report also discovered that first-time buyers are out in force with 14 August the busiest day of the year for FTB’s seeking mortgages. A key driver behind the surge was house buyers taking advantage of the sub-£500,000 stamp duty cut, with a heavy spike in mortgage searches for properties priced at £250k-499k.
James Tucker, CEO at Twenty7Tec, said: “August’s unusually high mortgage activity shows there is still much to be hopeful about in the market, and the government’s stamp duty cut has clearly ignited demand among first time buyers. August saw the single busiest day for first time buyer searches this year. Demand is there.”