Findings within the report also show that the percentage of purchases as a proportion of the mortgage market in July was 63.6%, compared to 36.4% for remortgages.

There was a 9.7% rise in remortgage volumes in July compared to May 2021, and a 7.8% decline in first-time buyer search volumes in July compared to June.

As a percentage of all mortgage searches in July, first-time buyers accounted for 19.5%.

As well as this, there was a 4.9% drop in the number of mortgage searches for properties within the £150,000 to £250,000 valuation bracket versus June 2021.

The long-term average mortgage searches per ESIS document produced was noted at 3.75 in July and there were 13,974 mortgage products available at the end of July 2021.

James Tucker, chief executive of Twenty7Tec, said: “Finally, a much-needed pause for all those working in the market. Volumes dropped slightly in July 2021 as minds turned from stamp duty holidays to summer holidays and the Euros.

“The market also appears ready to go again in September – with new products, improved rates, and innovation flooding into the market.”