Total mortgage searches fell by 14.64% to 1,405,878 in November compared to the previous month and 3.81% lower than last year, Twenty7tec reveals.

Twenty7tec says data suggests there was a “clear pause” in borrower behaviour last month with many households and landlords waiting for Budget clarity.

Residential searches fell to 1,167,382, down 14.64% month on month and 2.91% year on year.

Non–first time buyer residential purchase searches fell 17.01% compared with October and 13.77% year on year.

First time buyer activity slipped 10.69% month on month and 11.83% year on year.

Searches have fallen from 365,255 in May to 265,605 in November, representing a 27.29% drop that reflects growing caution around affordability and the wider economic picture.

Twenty7tec says this steady decline shows how sensitive this group is to incoming policy signals and shifting cost pressures.

Meanwhile, total buy-to-let (BTL) searches fell 13.47% month on month and 8.01% year on year.

BTL purchase searches dropped 80,268, the lowest figure recorded this financial year.

This is 14.54% below the financial year average of 93,927 and 13.29% down on the same period last year.

Last month we saw remortgage holding firm, but that pattern shifted in November as buy to let remortgage searches fell 12.52% month on month and 5.08% year on year, showing that most landlords focused on refinancing existing stock rather than expanding portfolios.

Residential remortgage searches reached 533,653, falling 12.52% month on month but rising 12.51% year on year.

Total remortgage searches stood at 691,861, which is 14.51% lower month on month but 7.93% higher than last year.

The sustained rise in year on year remortgage activity reflects the steady flow of borrowers reaching the end of fixed terms and seeking stability through the winter.

Product availability also reached a significant milestone in November. The market recorded 29,200 products on 20 November, which is the highest number ever seen on the platform.

Twenty7tec commercial director Nathan Reilly says: “November’s slowdown reflects borrowers taking a cautious stance ahead of the Budget.”

“Many chose to wait for clarity before committing to new purchases, which pushed activity below financial year averages. Remortgaging remained strong year on year as people focused on payment stability.”

“Advisers now have an important role in helping clients understand their options as confidence settles and decisions resume. Record product availability at 29,200 shows strong lender appetite, giving advisers more room to shape options for clients once confidence picks up.”