Mortgage Market Report – May
May 2024
Mortgage Market Activity
06.06.24
Twenty7tec, the leading adviser tech provider, has announced mortgage market statistics for May 2024 as follows:
The data:
- Purchase mortgage searches were down 8.0% in May 2024 compared to April 2024 but were up 7.16% compared to May 2023
- Remortgage searches were down 25.24% compared to April 2024 and steady (down -0.43%) compared to May 2023
- Buy To Let purchase mortgage searches were down 7.15% in May 2024 compared to April 2024 but were up 6.12% compared to May 2023
- Buy To Let remortgage searches were down 18.55% in May 2024 compared to April 2024 and were down 6.13%compared to May 2023
- Residential purchase mortgage searches were down 8.37% in May 2024 compared to April 2024 but were up 7.80% compared to May 2023
- Residential remortgage searches were down 29.21% in May 2024 compared to April 2024 but were up 3.32% compared to May 2023
- Searches by First Time Buyers were down 2.86% in May 2024 compared to April 2024 but were up 1.85% compared to May 2023
Searches for fixed mortgage products in March 2024:
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- Two-year fixed mortgages accounted for 45.63% of all fixed product searches (compared to 48.51% in May 2023)
- Three- to five-year fixed mortgages accounted for 34.10% of all fixed product searches (compared to 34.09% in May 2023)
- Five- to ten-year fixed mortgages now account for 20.28% of all fixed product searches (compared to 17.40% in April 2023)
Nathan Reilly, Director at Twenty7tec, says:
“May 2024 saw lower activity levels due to a combination of two bank holidays, a Bank of England decision that deterred remortgages, a General Election announcement and maybe poorer weather that normally encourages a stronger May performance.
“But looking at the broader picture, 2024 has been an incredibly hot market for mortgage searches YTD – up one million searches on our systems compared to the same period last year.
“Lenders also have confidence in the market with more products available than ever before. We also have more products with max LTVs of 95%, 85%, 80% and 75% than ever before.
“Finally, fixed mortgage search volumes are now running at 111.46% of their long-term monthly average, as the market drifts away from two year deals to five and even longer-term deals. Buyers increasingly want price certainty, it would seem.”
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