Twenty7tec’s latest mortgage market statistics for July 2024 shows that purchase mortgage searches were up 13.67% compared to June.
Mortgage searches were also up 28.67% compared to June 2023.
Remortgage searches were up 8.41% compared to July 2024 but were down 3.77% compared to the same period last year.
The figures also reveal that buy to let (BTL) purchase mortgage searches were up 9.48% in July 2024 compared to June 2024 and were up 25.59% compared to July last year.
BTL remortgage searches were up 13.67% in July 2024 compared to the month prior and were up 6.99% compared to July last year.
Searches by first time buyers were up 12.54% in July 2024 compared to June and were up 12.52% compared to July 2024.
Meanwhile, two-year fixed mortgages accounted for 45.52% of all fixed product searches compared to 42.62% in July 2023.
Three- to five-year fixed mortgages accounted for 34.28% of all fixed product searches compared to 33.69% in July 2023.
And five- to 10-year fixed mortgages now account for 20.20% of all fixed product searches compared to 23.69% in July 2023.
Twenty7Tec director Nathan Reilly says: “It’s been a hot summer for brokers, lenders, and housebuyers so far. In July 2024, we had 105,782 more searches than in July 2023, as the good weather, the promise of lower interest rates, and greater stability led to greater market confidence.”
“In fact, year-to-date, we have now had over 800,000 more mortgage searches than for the same period in 2023.”
“We also reached a new all-time high for product availability at month end in July 2024 and higher still mid-month, with availability peaking on 18 July at 22,872 product variations. The new record is around 10% higher than the pre-pandemic record set on 1 March 2020.”
“There have never been more products available at the following max LTV levels: 75%, 80%, 85%, and 95%.”
“Fixed mortgages are at their lowest proportion of the market for six months, but still ahead of long-term averages.”
“July 2024 saw the highest proportion of mortgage searches for properties valued over £500k for six months: 20.55% of all mortgage searches for the month.”
