‘First-time buyer’ remained a top search term while total mortgage criteria searches increased by 105 per cent, according to Legal & General Ignite.
Legal & General said this data reflects a “strong level of criteria and affordability searches” in the UK housing market, something which was “bolstered” by strong pockets of demand.
One such pocket was "first time buyer" as this term remained a top three search term used by advisers throughout January and February, with activity from this cohort a “significant driver” of the Q1 market uptick.
Legal and General Mortgage Services, head of mortgage products and transformation, Jodie White, said: “The latest data makes for interesting and positive reading, with many areas of the market enjoying a really promising start to the year.
“There is no denying that 2023 was quieter than many had hoped, but there are already clear signs that 2024 is on much steadier footing.
“The huge competition on mortgage pricing starting at the backend of last year is undoubtedly central to this uptick.”
However, despite the strong level of activity, Legal & General said aspiring homeowners are still struggling with the impact of “economic headwinds” which have led to more complex situations and requirements.
It explained that searches for minimum income for interest-only products rose by 9 per cent to the end of February, while those clarifying the minimum required period of employment increased by 15 per cent.
Additionally, “satisfied defaults” moved up to the second highest search term, up from third in January, as searches increased by 7 per cent.
Legal & General also suggested that the UK property market continued to attract “significant interest” from both domestic and overseas buyers and investors.
This was due to the term “visa” remaining the most used criteria since the start of the year.
In a similar vein, searches on behalf of expats not in the UK grew by 9 per cent, while those for buyers relying on foreign income increased by 112 per cent from December.
tom.dunstan@ft.com
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