Mortgage searches for the week ended 2 May were up 5.36% against the week prior, and up 21.32% compared with two weeks ago, according to mortgage technology provider Twenty7Tec.
Nonetheless, the group noted that this was still 12.6% lower compared with four weeks prior, in part due to the ongoing pandemic.
The volume of documents prepared last week was up 0.84% on the previous week, and 20.06% compared with two weeks ago, but was again down 21.17% from four weeks ago.
The total value of loans in the week ended 2 May was also 2.93% and 23.59% higher than the previous week and the week before, respectively, but had fallen 20.77% compared with four weeks prior.
Whilst purchase mortgages represented 31.74% of the market last week, compared to a pre-crisis norm of 55% to 60%, this still showed “some improvement” as purchase mortgages recently reached a low of 24.5%.
Meanwhile, searches for purchase volumes were up 11.80% against the week before, and 41.07% against two weeks before.
James Tucker, CEO of Twenty7Tec, said: “The data tells us that we are gently on the up again and have been ever since Easter.
“Across the board, we are seeing higher search volumes, higher levels of documentation prepared and higher total levels of loans requested.”
However, he noted that the volume of purchase mortgages remained “considerably down” on their January to March peaks. This week’s volumes were only 26% of the weekly volumes in mid-March, for example.
When comparing April and March as a whole, the volume of searches was down 49.1%, the volume of documents prepared was down 50.8% and the value of mortgages dropped by 52.5%.
Tucker said: “April was going to be a challenging month for the mortgage industry; households were in lockdown, building sites were closed, and vast tracts of people were being put on furlough.
“Looking back, it is hard to believe that just 10 days before lockdown, we were having our busiest week of the year for mortgage searches.”
He added: “Our sense is that the work between the industry and government to provide a three-month payment holiday scheme has definitely gone a long way to shoring up confidence in a deeply affected industry.
“These figures would likely have been a lot worse had it not been for those efforts. The shape of April’s result is a U curve with a low point around Easter. We hope that we continue to see rises over the coming days and weeks and that May further recovery.”