The collaborative data recorded from EKeeper’s CRM system also showed clients were making more appointments with brokers to enquire about purchases, during what it typically a quiet time for the market.
Over the two-month period, mortgage appointments increased by three per cent.
However, despite continued growth since the beginning of lockdown, appointments to discuss protection products dropped by nine per cent in July and August.
Strong purchase activity
Reflecting the impact of the pent-up demand following lockdown and activity driven by the stamp duty holiday, the average value of a purchase mortgage rose 12 per cent year-on-year in August from £202,058 to £230,768.
At the same time, the average remortgage value dropped 11 per cent to £166,954.
The strength of the purchase market was also seen in the eight months to January, as the value of a purchase mortgage increased four per cent, while remortgage values declined by three per cent over the course of the year.
Melanie Spencer, head of MCI Mortgage Club, said: “The stamp duty holiday, together with pent-up demand following the national lockdown, certainly appears to have stimulated the market and our downstream figures indicate that rising property prices are being driven by an increase in demand to move home.
“These demand factors are paired with the low cost of borrowing but a limited supply of high loan to value products. We know that lending criteria is tightening so not all demand is being met, but brokers still continue to service their clients within challenging market conditions.”
She added: “Mortgage appointments provide comfort that brokers are building a pipeline of activity into the autumn although a drop in appointments for protection emphasise the need for brokers to proactively contact their clients about this vitally important area of business.”
