Twenty7Tec has reported that remortgage searches totalled 43.2% of the mortgage market searches in November.
The technology provider also stated that last month was the second busiest month for total mortgage searches in the past two years.
November also accounted for 17 of the top 20 days this year for buy-to-let (on a seven-day rolling basis).
2 November was the first time Twenty7Tec ever saw more than 20,000 documents produced on a single day on its platform.
Meanwhile, first time buyers made up 17.6% of all mortgage searches in November, representing the lowest share of searches since the first Covid lockdown.
In addition, there was a 7% The rise in fixed mortgage volumes, with rvery other mortgage type seeing a slight fall in volumes.
James Tucker, founder of Twenty7Tec, said: “Continuing the trend from the previous month, remortgage searches continued to dominate in November 2021.
In terms of volumes overall however, November was definitely a month of two halves. Huge volumes of searches and documents created in the first half, and a major drop off in most areas – Buy To Let being the exception – in the second half of the month.
If we extrapolate this forward, it could indicate that property transactions through Q1 and early Q2 2022 could be down fairly significantly on 2021. Of course, the new Covid variant could also be starting to play a role in a general slowing down in the market.”
