Stamp duty announcement sparks surge in mortgage affordability searches

Nationwide Building Society reported a significant increase in traffic to its online mortgage affordability tools on Wednesday as changes to Stamp Duty were announced.

Related topics:  Mortgages
Rozi Jones
10th July 2020
tech computer adviser business

The Society saw a 49% increase in usage of its Quick Quote Mortgage Calculator and a 61% increase in its Mortgage Affordability Calculator compared to the week before.

Nationwide also reporyted a major spike in traffic as the Chancellor was on his feet in the House of Commons. At 1pm on Wednesday, the Society says traffic was 70% higher than the previous week. Nationwide saw a further 70% spike in traffic at around 7pm.

As people reacted to the Chancellor’s statement, over 41,000 people visited the mortgage section of Nationwide to look at current mortgage rates, an increase of 37% compared to previous weeks.

Matt Smith, chief product owner for mortgages at Nationwide Building Society, said: “It’s really interesting to see that our Mortgage Tools had a significant spike in usage yesterday as the Chancellor announced stamp duty changes.

"We would encourage everyone who is thinking about moving home to visit our website and make use of our tools which give a really helpful guide on mortgages – from setting aside costs to understanding the different types of product available.”

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