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Blogs 09.05.24

Mortgage Market Report – April

April 2024
Mortgage Market Activity

09.05.24

Twenty7tec, the leading adviser tech provider, has announced mortgage market statistics for April 2024 as follows

 

The data:

 

  • Purchase mortgage searches were up 8.1% in April 2024 compared to March 2024 and were up 25.87% compared to April 2023
  • Remortgage searches were up 6.23% compared to March 2024 and were up 48.03% compared to April 2023
  • Buy To Let purchase mortgage searches were up 7.93% in April 2024 compared to March 2024 and were up 19.27% compared to April 2023
  • Buy To Let remortgage searches were up 2.50% in April 2024 compared to March 2024 and were up 26.48% compared to April 2023
  • Residential purchase mortgage searches were up 8.16% in April 2024 compared to March 2024 and were up 27.82% compared to April 2023
  • Residential remortgage searches were up 7.44% in April 2024 compared to March 2024 and were up 62.34% compared to April 2023
  • Searches by First Time Buyers were up 5.68% in April 2024 compared to March 2024 and were up 13.04% compared to April 2023

 

Searches for fixed mortgage products in March 2024: 

 

    • Two-year fixed mortgages accounted for 48.51% of all fixed product searches (compared to 42.73% in April 2023)
    • Three- to five-year fixed mortgages accounted for 34.09% of all fixed product searches (compared to 33.19% in April 2023)
    • Five- to ten-year fixed mortgages now account for 17.40% (compared to 24.08% in April 2023)

 


 

Nathan Reilly, Director at Twenty7tec, says:

“April 2024 was our third busiest ever month on the platform with over two million mortgage searches in total. The month also saw a new record set for the total products available – with over 21,000 product variations now in the UK mortgage market, a 3.82% rise on the prior month end.

“We’re seeing a significant level of ESIS documents being produced for purchase mortgages, which is always a good sign.

“April 2024 saw an unprecedented fourth month on the trot with over 100,000 self-employed mortgage searches. However, their demand was outstripped by the employed who made up over 90% of all mortgage searches for the first time since September 2020 (retired and self employed made up 9.33% in April 2024).

“Finally, we saw the average property valuation  for a first time buyer in London break through the £500k mark again for the first time in a year.”

 

Download the Report