Housing prices in the UK fell through last year and are expected to decline further during 2011. This is good news for anyone interested in purchasing a property. The problem is that due to the financial crisis, many do not have the extra funds. Others who do are finding it difficult to get mortgage loan approval due to restrictive lending practices. But, that does not mean they are not trying.
In October 2010, there were two million online searches for retail bank-related services by UK consumers. Of these, 61 percent pertained to mortgages and loans. Technology firm and search marketing expert Greenlight released its most recent quarterly research, revealing that the keyword “loan” was the most popular retail banking product search, representing 33 percent of searches conducted.
Industry data was used by Greenlight to classify the most popular 750 search terms used by consumers when looking for retail banking products. With a share of 28 percent, “mortgages” came in a close second in the keyword popularity contest. Numbers three and four on the list were “bank accounts” and “credit cards”, with 24 and 16 percent shares, respectively.
“Mortgage calculator” was used 135,000 times during October, accounting for 24 percent of mortgage searches and seven percent of general retail banking searches. January 2010 was the month this term
peaked in use during searches. Greenlight believes its first quarter 2011 data will reflect a similar increase, due to consumers doing a New Year’s reassessment of finances.
In total, there were 666,000 searches related to loans. Eleven percent of the time, people searched using the keyword “loans” and they used “pay day loans” nine percent of the time. Other loan-related search terms included “student loans,” “car loans,” “personal loans,” and “loans for people with bad credit.” It is clear that consumers are continuing to search for ways to finance everything, including the new home they have been eyeing.