According to the firm, it noted that the volume of searches fell by 15.46% in the week to 23 March.
Twenty7Tec has announced it will be releasing daily mortgage market statistics, using the company’s INSIGHT platform.
According to the firm, it noted that the volume of searches fell by 15.46% in the week to 23 March.
In addition, the volume of documents prepared was down 5.4%, and the total value of loans documented declined by 3.4%, over the same time frame.
Comparing the information between 9 March and 23 March, the volume of searches dropped by 18.77%, the volume of documents prepared fell 13.3%, and the total value of loans documented declined by 14.14%.
James Tucker, chief executive of Twenty7Tec, said: “In ‘normal’ weeks, we’d see a Monday spike in activity as weekend viewings turn into mortgage searches, but this has been flatter for the past couple of weeks, with the rest of the week then failing to make up the difference.
“Remortgaging levels are very consistent over the past week, with the dips in activity coming from the purchase side. That sai, the purchase versus remortgaging split is currently hovering around long-term averages at 47:53.
“In a couple of days’ time, we’ll be able to see how much the three-month mortgage holiday has been able to shore up confidence in the mortgage market as we will be able to compare the whole week after the announcement with the week prior.
“The Chancellor’s announcement last Tuesday will have taken time to filter through the system, so it will be interesting to see how much difference it has made.”
