Mortgage Market Report – August
August 2024
Mortgage Market Activity
10.09.24
Twenty7tec, the leading adviser tech provider, has announced mortgage market statistics for August 2024 as follows:
The data:
In August 2024, compared to July 2024:
- Purchase mortgage searches were down 5.0%
- Remortgage searches were down 13.51%
- Buy To Let purchase mortgage searches were down 9.1%
- Buy To Let remortgage searches were down 14.1%
- Residential purchase mortgage searches were down 4.4%
- Residential remortgage searches were down 14.5%
- Searches by First Time Buyers were down -5.81%
In August 2024, compared to August 2023:
- Purchase mortgage searches were up 22.52%
- Remortgage searches were down 0.49%
- Buy To Let purchase mortgage searches were up 16.29%
- Buy To Let remortgage searches were up 4.01%
- Residential purchase mortgage searches were up 25.22%
- Residential remortgage searches were down 2.17%
- Searches by First Time Buyers were up 5.39%
Searches for fixed mortgage products in July 2024:
- Two-year fixed mortgages accounted for 43.91% of all fixed product searches compared to 45.03% in August 2023
- Three- to five-year fixed mortgages accounted for 33.47% of all fixed product searches compared to 34.72% in August 2023
- Five- to ten-year fixed mortgages now account for 22.62% of all fixed product searches compared to 20.24% in August 2023
Nathan Reilly, Director at Twenty7tec, 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.”
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