"Is there any respite on the horizon? It doesn't look as if things will slow down for a few weeks yet"
The number of standard residential mortgage searches rose by 26.7% between February and March, according to the latest figures from Twenty7Tec.
Its platform data shows a 23.7% rise in the volume of fixed rate mortgage searches and a 24.5% rise in the number of mortgage searches for properties valued at over £1m.
In March, first-time buyers made up almost 21% of all mortgage searches.
Twenty7Tec says that in March, it recorded its 24 busiest days ever for creating mortgage documents, producing an ESIS mortgage document once every 4.9 seconds on average on the busiest day.
James Tucker, CEO of Twenty7Tec, commented: “March 2021 continued the upward trends that we have all experienced over recent months. An extension of the UK stamp duty relief scheme, the promise of a guaranteed 95%+ LTV market and increasing confidence in the market, in vaccines and in life beyond our homes have all combined to sustain growth in our market.
"Is there any respite on the horizon? It doesn't look as if things will slow down for a few weeks yet, although the stamp duty relief ending on the £250k-£500k range will dampen demand a little.”