Mortgage Market Report – July
July 2024
Mortgage Market Activity
06.08.24
Twenty7tec, the leading adviser tech provider, has announced mortgage market statistics for July 2024 as follows:
The data:
In July 2024, compared to June 2024:
- Purchase mortgage searches were up 13.67%
- Remortgage searches were up 8.41%
- Buy To Let purchase mortgage searches were up 9.48%
- Buy To Let remortgage searches were up 13.67%
- Residential purchase mortgage searches were up 13.88%
- Residential remortgage searches were up 6.57%
- Searches by First Time Buyers were up 12.54%
In July 2024, compared to July 2023:
- Purchase mortgage searches were up 28.67%
- Remortgage searches were down 3.77%
- Buy To Let purchase mortgage searches were up 25.59%
- Buy To Let remortgage searches were up 6.99%
- Residential purchase mortgage searches were up 30.91%
- Residential remortgage searches were down -6.15%
- Searches by First Time Buyers were up 12.52%
Searches for fixed mortgage products in July 2024:
- Two-year fixed mortgages accounted for 45.52% of all fixed product searches compared to 42.62% in July 2023
- Three- to five-year fixed mortgages accounted for 34.28% of all fixed product searches compared to 33.69% in July 2023
- Five- to ten-year fixed mortgages now account for 20.20% of all fixed product searches compared to 23.69% in July 2023
Nathan Reilly, Director at Twenty7tec, says:
“It’s been a hot summer for brokers, lenders, and housebuyers so far. In July 2024, we had 105,782 more searches than in July 2023, as the good weather, the promise of lower interest rates, and greater stability led to greater market confidence.
“In fact, year-to-date, we have now had over 800,000 more mortgage searches than for the same period in 2023.
“We also reached a new all-time high for product availability at month end in July 2024 and higher still mid-month, with availability peaking on 18 July at 22,872 product variations. The new record is around 10% higher than the pre-pandemic record set on 1 March 2020.
“There have never been more products available at the following max LTV levels: 75%, 80%, 85%, and 95%.
“Fixed mortgages are at their lowest proportion of the market for six months, but still ahead of long-term averages.
“July 2024 saw the highest proportion of mortgage searches for properties valued over £500k for six months: 20.55% of all mortgage searches for the month.”
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