Twenty7Tec has reported that July has been the busiest month of the year so far with remortgage levels consistent with pre-lockdown levels and purchase levels having quadrupled.
Its 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.
Meanwhile, searches are slowing now that they have surpassed the pre-lockdown peak.
The share of searches from first-time buyers was up, while buy-to-let had a significant drop off at the end of the month.
Twenty7Tec also found that product availability is falling despite activity levels being at the year’s high.
James Tucker, CEO of Twenty7Tec, said: “July has been 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. This is not a time to be complacent however – the positive momentum that we have all found both in business volumes and in the speed of technological change should not be lost.
“It will be interesting to watch what happens with the buy-to-let drop off over the next few days. Was it a blip after the PM’s tightening of rules nationwide or a pre-cursor to what we can expect in the coming months?”