"Given that all searches and ESIS document volumes are still well up on the highs of last year, every product is having to work harder as demand is outstripping supply."
First-time buyers' searches remained over 20% of the total in June 2021, despite the impending end of the stamp duty holiday for properties from £250,000 - £500,000.
Additionally, Twenty7Tec says its data shows that the 95% mortgage guarantee scheme is working – with searches in Q2 on average 5.15% of the market versus 1.37% of the marketing in Q1.
Phil Bailey, director at Twenty7Tec, said: "The end of June saw a huge final push for closure of documents. It's quite funny that we bash solicitors constantly for being really slow and inefficient. But it's amazing how, when there's a financial, commercial element how quickly they suddenly get stuff through. Lenders, brokers, solicitors, conveyances, the land registry, everyone just upped their game.
"I think that one big lesson from the past year is that the various parts of the market are, slowly, coming together a little more and understanding about the timeframes in which each works. Being able to predict with more certainty how various parts of the market will react to changes, is critical to the evolving mortgage and housing landscape. Surely data has a big part to play here?
"We saw a huge rise in the number of products on the market this month – up 804 products. Yet we're still only at 65% of the previous volumes of products on the market. So, given that all searches and ESIS document volumes are still well up on the highs of last year, every product is having to work harder as demand is outstripping supply."
