Twenty7Tec Releases Mortgage Market Report – November 2021
- Lending , Cloud
- 03.12.2021 02:00 pm
Twenty7Tec, the market-leading mortgage tech provider, has released its monthly findings from the UK mortgage market for November.
Key findings for November 2021 include:
· 43.2%* Remortgages as a proportion of the mortgage market in November 2021 purchases (excluding product transfers) = 56.8%).
· #2 November 2021 was the second busiest month for total mortgage searches in the past two years (March 2021 was the busiest).
· 17 Seventeen of the top 20 days this year for Buy To Let (on a 7-day rolling basis) were in November 2021.
· 2/11 November 2nd was the first time we ever saw more than 20,000 documents produced on a single day on the Twenty7Tec platform.
· 17.6% First time buyers as a percentage of all mortgage searches in November 2021. The lowest share of searches since lockdown 1.0
· 7% The rise in fixed mortgage volumes. Every other mortgage type saw a slight fall in volumes.
· 49.3% On November 4th Remortgage ESIS documents overtook Purchase ESIS document volumes for the first time in over a year.
· 6 Six of the ten busiest days this year for creating ESIS documents were in November 2021.
James Tucker, founder of Twenty7Tec says:
“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.”