The comparison site found that the number of people looking for a mortgage to move house has grown 13%, while first-time buyer (FTB) searches have risen 17% following the announcement to abolish Stamp Duty on properties under £250,000 for FTBs.
Hannah-Mercedes Skenfield, mortgage channel manager at Moneysupermarket, said: “We saw an instant spike in activity amongst those looking to buy their first home in the week following the Chancellor’s announcement on Stamp Duty in the Budget and we did wonder whether this would be a kneejerk reaction that might not be sustained.
“However, we can clearly see from our numbers that momentum remains high, and this has spilled over into other homebuyer profiles. What’s more encouraging is that rates seem to be improving continually, so people looking for a mortgage should find themselves able to access some pretty good deals as we head towards summer.”
She added that it was essential that all people looking for a mortgage should look around for the right deal and said: “Although competition seems to be returning to the mortgage market, there are still products with low rates but high fees, and some of the best deals are only available to people who have a large deposit. It is important to compare the true cost of a mortgage as the lowest rate, will not necessarily be the cheapest product once you factor all fees and charges.”
