Easter impacts mortgage searches

Mid Moth Stats:

[18 April 2023, London] We can today announce the mortgage market statistics for the first half of April 2023 as follows:

 

• Purchase mortgage searches were down 22.1% in the first 15 days of April 2023 compared to the same period last month – mainly due to the major impact that Easter has on search volumes.
• Remortgage searches were even harder hit – down 26.4% compared to the same period in the prior month.
• Easter also had a major impact on Buy To Let mortgage searches with average daily searches down 29.2% compared to the first half of March
• First Time Buyers as a percentage of all searches rose dramatically from 17.06% in the first half of March compared to 18.51% of all mortgage searches in the first half of April 2023. 
• There are 628 fewer mortgage products on the Twenty7tec platform than at the same time one month ago, and 676 fewer now than there were in March 2023 month end.
• Fixed mortgages continue to account for around 45% of all searches, followed by stepped (13.5%) and tracker (10.5%) mortgages.

 

Nathan Reilly, director at Twenty7tec says:

 

“The Easter dip lasts a lot longer than you might think. As holidays for customers and advisers kick in, we often see the four-day weekend result in an 11-day impact on mortgage search volumes. 

Until Easter, this year had been consistently busy for BTL mortgage searches. Since mid-January, on a 7-day rolling basis, every day of the year until Easter was among our 100 busiest ever for Buy To Let mortgage searches.

We’ve now seen a post-Easter rebound and we expect the Spring boom to continue over the coming weeks.”