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HomeMortgageMortgage searches fall month-on-month but post-election uptick possible – Twenty7tec

Mortgage searches fall month-on-month but post-election uptick possible – Twenty7tec


Mortgage searches fall month-on-month but post-election uptick possible – Twenty7tec

Mortgage searches across purchase, remortgage, buy-to-let (BTL) and first-time buyer areas decreased in June, but could rise now the election is over.

According to Twenty7tec’s monthly mortgage report for June, purchase mortgage searches decreased by 7.4% month-on-month in May but were only down 1.25% compared to the same period last year.

Remortgage searches contracted by 7.27% compared to May and were down 24.36% on the same period last year.



BTL purchase searches fell by 7.52% on May figures and decreased by 2.23% on June 2023 figures.

BTL remortgage searches fell by 10.01% in June 2024 compared to May 2024. The decrease was pegged at 24.59% on the same period last year.

Residential purchase mortgage searches decreased by 6.97% month-on-month in June, but were up 0.37% compared to last year.

Residential remortgage searches dropped by 5.9% in June compared to May and were down 23.64% compared to June last year.

First-time buyer searches decreased by 10.42% month-on-month in June and fell by 9.75% compared to the same period last year.

 

Fixed rate searches

Two-year fixed rates made up 45.63% of all fixed product searches, a rise from 42.62% in June 2023.

Three- to five-year fixed rates accounted for 34.5% of all fixed rate product searches, in line with 33.69% from June last year.

Five- to 10-year fixed rates contributed around 19.87% of all fixed product searches, a drop from 23.69% in April 2023.

Nathan Reilly (pictured), director at Twenty7tec, said: “I think that there were some nerves ahead of the general election, with mortgage search volumes down compared to prior months and also against the same month last year. Now that a new government is in place, it will be interesting to see how quickly things settle back down.

“Buy-to-let search volumes were at their lowest since August last year (excluding December, which is always a slower month). We also hit the lowest levels of ESIS documents prepared for remortgages since April 2021 (again, excluding Decembers). Finally, purchase mortgage ESIS documents are at their lowest since November 2022 (excluding Decembers).

“A particular change of note is the remortgage market, where we are down 24.36% compared to the volumes in the same month last year.

“Finally, we saw a drop of 11.3% in searches for £1m+ valuation properties, often a bellwether of how busy the market is going to be in general.”





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