Homebuyer searches slump following Bank of England rate hold

Homebuyers were actively researching deals ahead of the Bank of England’s 19th June rate decision – but activity then fell once the hold was confirmed, new data from Twenty7tec shows.

In the week leading up to the decision, 400,610 mortgage searches were recorded – making it the second busiest pre-decision week in the past year. However, in the 24 hours that followed – when the Bank confirmed it was holding the rate at 4.25% – mortgage searches dropped by 13.7%, suggesting many borrowers had already done their homework earlier in the week.

In addition to the overall drop in search volumes, the data revealed that standard residential searches dropped from a high of 66,491 on 16th June to 55,694 on 19th June – a fall of 16.2%, showing a clear dip post-announcement. 

Specialist mortgage types also dipped on the day, with buy-to-let searches falling from 13,899 on 17th June to 12,341 on 19th June.

Nathan Reilly, director at Twenty7tec, commented: “There was a lot of talk that the market wasn’t expecting a rate cut.

“But what’s interesting is how that anticipation shaped borrower behaviour – activity spiked early in the week, then dropped by 13.7% on the day of the decision itself, compared to the prior three-day average.

"It’s clear that many consumers were doing their homework ahead of the announcement - a pattern we’ve seen more regularly as buyers look to stay one step ahead of potential market shifts.

“Buyers are becoming increasingly savvy – they’re planning ahead, tracking rate decisions, and researching mortgage options earlier than ever.

“For brokers, having access to real-time insights and tools that streamline the entire mortgage journey – from search to submission – is absolutely vital. That’s exactly what our platform is designed for. Whether it’s through our sourcing solution, which now includes later life lending, and provides the ability for advisers to instantly submit application submissions to top lenders or our own CRM solution, we help advisers respond quickly and confidently in a fast-moving market.”