Mortgage Market Report – June
June 2023 mortgage market activity
04.07.23
We can today announce our mortgage market statistics for June 2023 as follows:
The data:
- June 2023 was the second busiest ever month for mortgage searches (1,747,323 v 1,852,718 in March 2023)
- Purchase mortgage searches were up 0.6% in June 2023 compared to May 2023 .
- Remortgage searches were up 21.9% compared to May 2023 to their highest ever monthly levels.
- Buy To Let mortgage searches were up 11.1% in June 2023 compared to May 2023
- Searches by First Time Buyers were up 1.0% nationwide in June 2023 compared to May 2023
- First Time Buyers (as a percentage of the market) dropped to their lowest level since September 2022 and their second lowest in over three years.
- Searches for fixed mortgage products in June 2023:
– Two-year fixed mortgages accounted for 42.62% of all fixed product searches compared to just 21.35% 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:
“June 2023 saw the Bank of England raise rates further. The market seemed to have priced it in ahead of time and so the week before the rise was very busy, as was the week after when thousands of product changes were made.”
Product availability is now down to their lowest levels, year-to-date and are attempting to handle higher volumes of mortgage queries.
In particular, the market saw a huge uplift in remortgage searches – up 21.9% on the prior month – alongside a 25% hike in remortgage ESIS documents prepared.
It’s worth noting that in the 18 months since we began reporting green mortgage searches, 24 June 2023 was the first day without any searches for green mortgages at all.”
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