Mortgage Market Report – November
November 2023
Mortgage Market Activity
05.12.23
Twenty7tec, the leading adviser tech provider, has announced mortgage market statistics for November 2023 as follows:
The data:
- Purchase mortgage searches were static in November 2023 compared to October 2023
- Remortgage searches were up 9.9% compared to October 2023
- Buy To Let mortgage searches were up 1.61% nationwide in November 2023 compared to October 2023 (but up 11.1% in London compared to the prior month)
- Searches by First Time Buyers were down 1.3% nationwide in November 2023 compared to October 2023
- Searches for fixed mortgage products in September 2023
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- Two-year fixed mortgages accounted for 47.54% of all fixed product searches in November 2023
- Three- to five-year fixed mortgages accounted for 32.9% of all fixed product searches
- Five- to ten-year fixed mortgages now account for 19.1%, the lowest proportion for at least two years
Nathan Reilly, director at Twenty7tec says:
“Purchase mortgage searches remained flat in November 2023, but the uplift in volume of remortgage and Buy To Let searches meant that we’ve already surpassed 2022’s total mortgage search tally. November 2023 was the fourth month in a row that we saw an increase in Buy To Let mortgage search volumes.
“The end of November also saw the year’s high for mortgage product availability (18,625) as the Bank of England maintained the status quo around interest rates. Since the BoE’s decision on 2nd November, we have seen the market add 3.8% more mortgage products. In terms of mortgage products, we are now at 92.31% of the all-time highest number on the market. This is a marked improvement (39.63%) on the lows back on 4 July when we had considerably fewer products on the market (13,338).
“Finally, for those looking for mortgages, the average combined salaries have shot up during the course of this year and currently stand at an average of £75,330.43, 15.98% higher than a year ago (£64,947.10).”
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