Mortgage Market Report – June
June 2024
Mortgage Market Activity
09.07.24
Twenty7tec, the leading adviser tech provider, has announced mortgage market statistics for June 2024 as follows:
The data:
- Purchase mortgage searches were down 7.4% in June 2024 compared to May 2024 but were down 1.25% compared to June 2023
- Remortgage searches were down 7.27% compared to May 2024 and considerably down (-24.36%) compared to June 2023
- Buy To Let purchase mortgage searches were down 7.52% in June 2024 compared to May 2024 but were down only 2.32% compared to June 2023
- Buy To Let remortgage searches were down 10.01% in June 2024 compared to May 2024 and were down 24.59%compared to June 2023
- Residential purchase mortgage searches were down 6.97% in June 2024 compared to May 2024 but were up 0.37% compared to June 2023
- Residential remortgage searches were down 5.90% in June 2024 compared to May 2024 but were down 23.64% compared to June 2023
- Searches by First Time Buyers were down 10.42% in June 2024 compared to May 2024 and were down 9.75% compared to June 2023
Searches for fixed mortgage products in June 2024:
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- Two-year fixed mortgages accounted for 45.63% of all fixed product searches (compared to 42.62% in June 2023)
- Three- to five-year fixed mortgages accounted for 34.50% of all fixed product searches (compared to 33.69% in June 2023)
- Five- to ten-year fixed mortgages now account for 19.87% of all fixed product searches (compared to 23.69% in April 2023)
Nathan Reilly, Director at Twenty7tec, says:
“I think that there were some nerves ahead of the General Election, with mortgage search volumes down compared to prior months and also against the same month last year. Now that a new Government is in place it will be interesting to see how quickly things settle back down.
“Buy To Let search volumes were at their lowest since August last year (excluding December, which is always a slower month). We also hit the lowest levels of ESIS documents prepared for remortgages since April 2021 (again, excluding Decembers). Finally, purchase mortgage ESIS documents are at their lowest since November 2022 (excluding Decembers).
“A particular change of note is the remortgage market where we are down 24.36% compared to the volumes in the same month last year.
“Finally, we saw a drop of 11.3% in searches for £1m+ valuation properties, often a bellwether of how busy the market is going to be in general.”
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