Twenty7Tec: Supply & Demand Report – September 2020

Leading mortgage technology provider, Twenty7Tec, has released its monthly market data for September 2020.

Key findings in this month’s report differ slightly from previous reports.  Here we begin to see that working patterns are changing for brokers. Wednesdays appear to have become the busiest day of the week for ESIS documents – outperforming Tuesdays.  Interestingly, evenings are when we see documentation being prepared mirroring an “after office hours” peak for demand, rather than the 2pm pre-pandemic high.

Other key findings include:

• Remortgaging is up as a proportion by 9.2% in an expanding market;
• The volumes of searches for mortgages are up across all bands except the 90%+ band;
• Searches by first time buyers have remained buoyant;
• The largest growth in product numbers is in the 85-90%LTV range;
• On a rolling 7-day average, every day in July, August and September ranked above any day in February and early March for ESIS documents prepared.
• September contained the 2nd, 3rd and 5th busiest days of the year for all ESIS documents and the busiest day of the year for Buy To Let ESIS documents.”

James Tucker, CEO of Twenty7Tec, commented:

“As we crunched the figures this month, some interesting data jumped out at us in regard to the new working week for brokers.  As more people work from home, it seems the property market will need to adapt to keep up with demand, justifying our new support hours launched last month.

Phil Bailey, Director at Twenty7Tec added:

“Traditionally, September is the beginning of the busiest 12 weeks of the year in the house buying calendar. In prior years, we’ve accelerated away from the summer holidays to peak for mortgage searches in the first or second week of December and a week later for ESIS documentation. So, it’s encouraging to see that the demand is higher overall than even the previously high month.”