Twenty7tec’s latest mortgage market statistics for June 2024 shows that purchase mortgage searches were down 7.4% in June 2024 compared to May 2024 but were down 1.25%% compared to June 2023.

Remortgage searches were down 7.27%% compared to May 2024 and considerably down (-24.36%) compared to June 2023

The figures also reveal that buy to let purchase mortgage searches were down 7.52% in June 2024 compared to May 2024 but were down only 2.32% compared to June 2023

Buy to let remortgage searches were down 10.01%% in June 2024 compared to May 2024 and were down 24.59%compared to June 2023

Searches by first time buyers were down 10.42% in June 2024 compared to May 2024 and were down 9.75% compared to June 2023

Two-year fixed mortgages accounted for 45.63% of all fixed product searches (compared to 42.62% in June 2023)

Three- to five-year fixed mortgages accounted for 34.50% of all fixed product searches (compared to 33.69% in June 2023)

And five- to ten-year fixed mortgages now account for 19.87% of all fixed product searches (compared to 23.69% in April 2023)

Twenty7Tec director Nathan Reilly commented: “I think that there were some nerves ahead of the General Election, with mortgage search volumes down compared to prior months and also against the same month last year. Now that a new government is in place it will be interesting to see how quickly things settle back down.”

He added: “A particular change of note is the remortgage market where we are down 24.36% compared to the volumes in the same month last year.

“Finally, we saw a drop of 11.3% in searches for £1m+ valuation properties, often a bellwether of how busy the market is going to be in general.”