Mortgage searches rose to 55,704 following the Bank of England’s decision to hold rates, data from Twenty7tec has revealed.
Due to the BoE announcing the base rate would be maintained at 4 per cent, buyer activity increased.
A similar trend was observed earlier last week as on Tuesday 4 November, mortgage searches rose by 13.1 per cent when compared to the previous week reaching 56,511.
As a result, Twenty7tec has predicted that today (10 November) is likely to be the busiest day of the year for mortgage brokers.
Twenty7tec head of lender, Nakita Moss, said: “With this decision marking the last major rate announcement of the year, we anticipate strong activity in early November, a short dip in December, and the usual sharp rebound in the first working days of January.”
Twenty7tec pointed out that its findings represent a familiar pattern which is often displayed in the week leading up to the Bank of England’s base rate announcement.
It detailed that the Tuesday before the announcement is typically the busiest single day of the month while the rate decision day is only the tenth busiest.
However, both days pale when compared to the Monday following the decision.
When viewed on a seven-day rolling basis, the peak always lands on the Monday after each decision, meaning the seven busiest days fall between the Tuesday before and the Monday after.
“If we were to give brokers and lenders just one piece of advice on Decision Rate Day, it would be this: don’t take Monday off,” Twenty7tec commercial director, Nathan Reilly, added.
“Once the Bank makes its move, lenders spend the weekend adjusting products, and by Monday, the systems are updated and borrowers are ready to act. It’s the same pattern every time.”
tom.dunstan@ft.com
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