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Seller searches down 12% in March: Twenty7tec – Real Estate Strategy

Searches for mortgages fell by 12% in March compared to the previous month, driven by the Bank of England’s decision to hold interest rates and the Bank Holiday weekend, data from Twenty7tec shows.

The consumer search engine business says home purchase inquiries fell 8.1% in March, compared to the previous month and were down 4.98% compared to a year ago.

Searches for homes for sale were down 15.61% from last month, but up 3.75% from 12 months earlier.

Buy-to-let mortgage inquiries were down 9.65% in March compared to the previous month and down 9.8% compared to last year.

Searches by first-time buyers were down 12.1% in March compared to the previous month and down 11.1% from the previous 12 months.

The two-year fix accounted for 51.5% of all searches for fixed products, compared to 41.3% last year.

While the five-to-ten-year adjustment made 20.1%, compared to 24.7% last February.

Last month, the BoE’s Monetary Policy Committee set interest rates at 5.25% for the fifth time in a row, a 16-year high.

March also had a four-day break for the Easter weekend, which took two business days off the month.

Twenty7tec director Nathan Reilly says: “March saw the markets fall as the combination of an unusually early Easter and the Bank of England’s decision to keep interest rates on hold led to a slowdown in mortgage searches.

“The numbers are high if you look at them in the long term but they will feel slow in the market which has been hot since 2023 Boxing Day.

Reilly adds: “One notable innovation is that more mortgage products are available now than ever before.

“At the end of the month, product availability has stood at 7.2% over the previous month, for the first time to see more than 21,000 products in the market.

“The previous record was set just days before the pandemic hit the UK market in March 2020.”

“Finally, buyers have built in anticipation of a change in prices as the majority of foreclosures are now two years or less.”

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