December 2021 saw a 12% rise in mortgage searches compared to the same month a year earlier, new data gathered by Twenty7Tec has revealed.
The mortgage technology firm’s latest figures showed that remortgages as a proportion of the mortgage market in December stood at 42.3%, with purchases – excluding product transfers – consisting of 57.7% of the mortgage market share.
Elsewhere, Twenty7Tec also reported that at the end of 2021, there were 16,923 products available on its systems – representing a leap of 74.6% on 31 December 2020.
This December continued to see fewer first-time buyers as a percentage of all mortgage searches (17.97%), and Twenty7Tec’s research confirmed it was the month second only to November 2021 for the lowest first-time buyer proportion in the past 20 months.
Over the course of 2021, the figures still showed that first-time buyer searches were up 32.51% in 2021 compared to 2020, while mortgage searches were up 19.72% year-on-year, and ESIS documents processed by Twenty7Tec up 48.16%.
Commenting, Twenty7Tec founder, James Tucker, said that 2021 was a year that “we will talk about for many years to come in our industry”.
“It had everything from the highest volumes we've ever seen to a sense that everything has changed, fundamentally and for good, in how we support customers in searching, applying for and ultimately obtaining a mortgage,” Tucker said.
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