Recent reports from the mortgage technology company Twenty7tec have revealed a significant increase in mortgage searches in January 2021. This is the highest level of mortgage searches since the company began tracking this data in 2018.
The surge in mortgage searches can be attributed to a number of factors. Firstly, the UK government’s stamp duty holiday has been extended until the end of June 2021, meaning that buyers can save up to £15,000 on their purchase. This has led to an increase in the number of people looking to buy a property and take advantage of the tax break.
Furthermore, the UK’s economic recovery from the pandemic has been faster than expected, with the Bank of England predicting that the economy will return to pre-pandemic levels by the end of 2021. This has led to increased consumer confidence and more people looking to invest in property.
The increase in mortgage searches has been seen across all age groups, with the largest increase being among those aged 25-34. This suggests that younger people are taking advantage of the stamp duty holiday and low interest rates to invest in property.
The increase in mortgage searches is a positive sign for the UK economy and suggests that consumer confidence is returning. It is likely that this trend will continue as long as the stamp duty holiday remains in place and interest rates remain low. However, it is important to remember that property prices are still rising, so buyers should ensure that they are able to afford their mortgage payments before taking out a loan.