Total search numbers were down by 12 per cent in November compared with the previous month
Search volumes dipped in November for both purchases, remortgage and buy-to-let, the latest figures from Twenty7Tec reveal.
Total search numbers were down by 12 per cent to 1,126,932 in November from the previous month, while purchases were down by nearly 13 per cent to 739,986, remortgages were 11 per cent lower at 386,946 and buy-to-let searches edged down by just under 7 per cent to 203,348.
Remortgages accounted for a larger share of total search volumes at 34 per cent up from August’s low of 31 per cent.
The number of European standardised information sheets being generated, remains at nearly 86 per cent of the year’s high point on a seven-day rolling basis.
Of these, the share of buy-to-let illustrations generated increased to nearly 23 per cent.
Twenty7Tec founder James Tucker says: The remortgage market is creeping back up as a proportion of the overall searches, albeit in a contracting search market. The long-term ratio for purchase to remortgage is around 60:40 or 55:45, so there’s room for more rebalancing yet.
Deferred mortgage payments – often called mortgage holidays – have clearly impacted this part of the market, he said. There remains a lack of products in the market, which means that the level of demand is putting pressure on those fewer products and the teams that sit behind them. Greater certainty is likely to give confidence to more players to come back with increased ranges of products.
Unfortunately, the volume of variables involved make it hard to predict when greater certainty is likely to emerge – it could be post-Brexit, it could after the stamp duty holiday period ends, it could be when we get brighter economic forecasts, Tucker said.
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