Mortgage Market Report – July
July 2023 mortgage market activity
08.08.23
We can today announce our mortgage market statistics for July 2023 as follows:
The data:
- July 2023 was the second quietest month for mortgage searches in 2023 (1,507,470 searches in total compared to 1,747,323 in June 2023)
- Purchase mortgage searches were down 13.1% in July 2023 compared to June 2023
- Remortgage searches were down 15.0% compared to June 2023..
- Buy To Let mortgage searches were down 18.3% nationwide in July 2023 compared to June 2023
- Searches by First Time Buyers were down 9.3% nationwide in July 2023 compared to June 2023
- First Time Buyers (as a percentage of the market) nudged upwards from their significant lows in June 2023.
- Searches for fixed mortgage products in June 2023:
– Two-year fixed mortgages accounted for 44.1% of all fixed product searches compared to just 22.45% in June 2022
– Three- to five-year fixed mortgages now account for 33.69% of all fixed product searches (compared to 40.96% a year ago)
– Five- to ten-year fixed mortgages now account for 24.13% compared to 36.12% a year ago
Nathan Reilly, Director at Twenty7tec explains:
“July 2023 saw constrained activity compared to the prior month and I think that the market is hoping for better news for the remainder of the second half of the year. It tends to be a little flatter in June and July as heads turn to holidays, with an uptick often beginning in August.
“It’s not all doom and gloom, however: despite dropping 15% compared to the prior month, July 2023 was the fourth busiest month on record for remortgage ESIS documents and seventh for total remortgage searches.
“In keeping with prior years, we saw an almost 10% drop in the number of first time buyers’ searches nationwide alongside a 3.9% drop in the average property value they are looking to buy in July 2023.
“Brokers and advisers will continue to feel busier as the average number of searches run per ESIS document produced is also significantly higher than the prior month.
“On the supply side, we saw a 13.78% rise in mortgage product availability. There have never been more max LTV 70% products in the market, whereas max LTV 95% products are only at 69.82% of their all-time high availability.”
Download the Report
