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Blogs 03.01.24

Mortgage Market Report – December

December 2023
Mortgage Market Activity

03.01.24

Twenty7tec, the leading adviser tech provider, has announced mortgage market statistics for December 2023 as follows:

The data:

  • Purchase mortgage searches were down 36.8% in December 2023 compared to November 2023 
  • Remortgage searches were down 29.3% compared to November 2023
  • Buy To Let mortgage searches were down 32.8% nationwide in December 2023 compared to November 2023 
  • Searches by First Time Buyers were down 39.6% nationwide in December 2023 compared to November 2023
  • Searches for fixed mortgage products in December 2023:
    • Two-year fixed mortgages accounted for 49.65% of all fixed product searches in December 2023
    • Three- to five-year fixed mortgages accounted for 31.95% of all fixed product searches
    • Five- to ten-year fixed mortgages now account for 18.4%, the lowest proportion for at least three years

 

 

Nathan Reilly, director at Twenty7tec says:

“December is always a quieter month than November, but December 2023 was busier than prior year ends. “

“January tends to be when we see a 70% rebound in the market compared to December. In fact, Januarys normally outperform the prior November too, so we are looking forward to a busy period in the run-up to the interest rate decision on 1 February 2024.”

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