According to the Knowledge Bank, the term “employees on leave” has been removed from the list of top search criteria for brokers for the first time since the beginning of the pandemic.
It had spent more than a year among the five most searched terms after the first lock in March 2020, the data company’s monthly criteria tracker announced in May.
The poll adds that this was the first month since the health crisis began that there were no Covid-related searches, suggesting “sunnier times on the horizon as more people are returning to work as it suggests we are starting to to return to normal ”.
The term “maximum age at end of term” was the most frequently searched criterion as the average age of first-time buyers is now over 31 according to previous data from Halifax.
Since house prices reached record highs this year, “both older and younger borrowers are extending the terms in order to make repayment manageable,” says the search specialist.
Despite the return of 95% of mortgage loans, affordability was still an issue for borrowers, according to the survey.
The term “first time buyer” was in the top 5 searches all year round, “and indicates the difficulty young people have in meeting the affordability requirements of a residential mortgage”.
The data firm adds that it is re-emphasizing affordability, with the term “affordability rating income multiplier” emerging as the third most popular term in the housing market in May.
It states, “As house prices continue to rise, the number of borrowers looking for the maximum they can borrow against their income will continue to grow.”
“First time tenants” was the most frequently searched criterion by realtors on the buy-to-let market last month. This term was in the top two searches year-round.
The data company says, “This clearly shows the British people’s love of property ownership. Owning a BTL could have become possible for more people due to the increased savings due to the pandemic. “
It adds that the criterion terms commonly used in the secondary store market reflect the two-speed economy the UK has gotten into as a result of the health crisis, with those who work from home amassing savings while those who don’t Build up debt.
The company said that “raising debt for debt consolidation” was the second most searched term in the secondary loan market in May.
But added, “There are those who want to build a home office or expand their house,” making “home improvement fundraising” the third most popular phrase in the market last month.
Matthew Corker, Operations Director at Knowledge Bank, says, “Furlough has grown from an unfamiliar term to an integral part of our lexicon in the past 14 months.
“The fact that it dropped out of the most searched for terms in May could indicate sunnier times as more people are returning to work as it suggests that we are starting to return to normal.
“However, we are certainly not completely over the moon. There are still many struggling with the pandemic and the search for “debt consolidation” confirms this.
“The BTL sector continues to grow in strength with interest from newcomers and home buyers.
“The continued interest from first-time buyers shows that despite the 95% LTV mortgage return, some are still struggling with home mortgage affordability.”