As a proportion of the mortgage market in August, purchases accounted for 62.8% and remortgages 37.2%.

One in 29 of all mortgage searches were for properties valued at over £1m, and one in 12 of all completed mortgage searches on £1m-plus properties were by first-time buyers.

First-time buyers accounted for 19.5% of all mortgage searches in August and 28.7% of all searches were valuations between £150,000 and £250,000, the lowest for 10 months.

The average mortgage searches per ESIS document produced was noted at 3.5, down on 12-month average of 3.75 and 14,857 mortgage products were available at the end of August 2021.

James Tucker, chief executive of Twenty7Tec, said: “After 18 months of constantly moving markets, it feels a little odd to report on stability.

“August 2021, aside from the slight market side effects of the bank holiday, was broadly the same as July 2021. No major shocks, no major moves.

“Is this the long-desired return to normal or the calm before the storm? Let’s see what September brings.”