Data from leading adviser tech provider Twenty7tec shows that yesterday, the total purchase mortgage searches in January 2024 surpassed the whole of January 2023 with five days left – making it the hottest-ever January market.
The data shows that seven of the ten busiest days and eleven of the 20 busiest days ever on the platform have also been this month.
The numbers are as follows:
2021-Jan 836,321
2022-Jan 1,013,000
2023-Jan 1,288,672
2024-Jan 1,300,495
Nathan Reilly, director at Twenty7tec, says: “These figures are certainly optimistic for the market, especially when you compare the challenging periods we saw last year and in 2022. It’s a good start to the year, but it brings questions over how this huge demand can be serviced.
“When we’ve historically seen similar activity levels, it’s led to an inevitable service crunch that can quickly sour the customer experience. The key to avoiding this is, of course, good service and making data-informed decisions. If lenders can use data to manage pricing early in the advice process, they can manage potential flows.
“With March typically the busiest month of the year for purchase and buy-to-let mortgage searches, it will be interesting to see the data and whether we top these new record numbers.”
