Twenty7tec’s latest mortgage market statistics for August 2024 shows that purchase mortgage searches were down 5.0% compared to July.

However, mortgage searches were up 22.52% compared to August 2023.

Remortgage searches were down 13.1% compared to July 2024 and were down 0.49%compared to the same period last year.

The figures also reveal that buy to let (BTL) purchase mortgage searches were down 9.1% in August 2024 compared to the previous month and were up 16.29% compared to August last year.

BTL remortgage searches were down 14.1% in August 2024 compared to the month prior and were up 4.01% compared to August last year.

Searches by first time buyers were down by 5.81% in August 2024 compared to July and were up 5.39% compared to August last year.

Meanwhile, two-year fixed mortgages accounted for 43.91% of all fixed product searches compared to 45.03% in August last year.

Three- to five-year fixed mortgages accounted for 33.47% of all fixed product searches compared to 34.72% in August 2023.

And five- to 10-year fixed mortgages now account for 22.62% of all fixed product searches compared to 20.24% in August 2023.

Twenty7Tec director Nathan Reilly says: “August was, ironically, a cooler market than July. But we saw figures that compare favourably with August 2023 and so the year’s momentum is still very positive. We’re currently on course to set new records for all mortgages searches. Two-thirds of the way through the year, we are already at 77.01% of the total of last year’s mortgage search activity.”

“On the horizon, we have a Budget and two rate decisions which, together, will likely affect the nature of the final trimester of this calendar year. We’re hoping it’s good news from a Government tha plans to open up the housing market.”