The average time a mortgage product will remain on the market is currently 17 days, according to Moneyfacts.

This is a new record, being shorter than the previous low that was hit only in June this year.

At the same time, Moneyfacts warns that average rate for a five-year fix has now risen for the tenth month in a row, coming to 4.08% – thus passing 4% for the first time since October 2014.

And the average rate for a two-year fix has jumped up for the tenth month in a row too, and at 3.95%, is the highest Moneyfacts has seen since February 2013, which the rate was 4.09%.

Further, the average standard variable rate (SVR) has increased to a recent record as well, at 5.17% – the highest seen since December 2008, when it stood at 5.68%.

Moneyfacts finance expert Eleanor Williams comments: “Following a statement from the Financial Conduct Authority last week urging eligible borrowers to consider their mortgage options and switch to a more cost-effective deal in order to save money where possible, Moneyfacts data shows that those considering a new mortgage may wish to move swiftly to achieve this.

“Mortgage availability has dropped again this month, admittedly reducing at a less dramatic rate than recorded last month. August began with sight of 4,407 mortgages on offer, which is 149 fewer than were available at the start of July, meaning that the level of choice for borrowers has fallen again.

Not only are there now fewer deals for borrowers to choose from, but the average shelf life for mortgage deals has plummeted to a new low of just 17 days this month.

This reflects the speed at which providers are updating their offerings, but also means that those looking for a new mortgage have the shortest length of time we have ever recorded to try to secure their deal of choice.”