Mortgage Market Report – November
November 2024
Mortgage Market Activity
05.12.24
Twenty7tec, the leading adviser tech provider, has announced mortgage market statistics for November 2024 as follows:
The data:
In November 2024, compared to October 2024:
- Purchase mortgage searches were down 11.1%
- Remortgage searches were down 8.6%
- Buy To Let purchase mortgage searches were down 14.60%
- Buy To Let remortgage searches were down 6.5%
- Residential purchase mortgage searches were down 11.3%
- Residential remortgage searches were down 8.6%
- Searches by First Time Buyers were down 9.2%
In November 2024, compared to November 2023:
- Purchase mortgage searches were up 10.39%
- Remortgage searches were down 14.05%
- Buy To Let purchase mortgage searches were up 0.04%
- Buy To Let remortgage searches were down 0.01%
- Residential purchase mortgage searches were up 12.36%
- Residential remortgage searches were down 18.42%
- Searches by First Time Buyers were up 0.45%
Searches for fixed mortgage products in October 2024:
- Two-year fixed mortgages accounted for 40.51% of all fixed product searches compared to 47.54% in November 2023
- Three- to five-year fixed mortgages accounted for 35.51% of all fixed product searches compared to 32.91% in November 2023
- Five- to ten-year fixed mortgages now account for 23.45% of all fixed product searches compared to 19.55% in November 2023
Nathan Reilly, Director at Twenty7tec, says:
“November mortgage market activity was clearly down in October 2024 pretty much across the board. But there was also a shift in the outlook of the market as there was a rather large bump (61.3%) in total fixed mortgage searches with initial terms of less than two years. That speaks to what consumers expect to happen next.
“Although activity was down in November, it should be looked at in the broader context: at around midday on November 28th, the year-to-date totals overtook mortgage searches for 2023, with over a month to spare. There’s nuance in those figures, however, as the market this year has not been as busy handling First Time Buyer mortgage searches with volumes still down over 100,000 in 2023 with a month to go.
“But the market has had its busiest ever year for self-employed with 1,223,140 mortgage searches it’s already up 1.97% on 2023 with a month to spare. Every single month this year has had over 100,000 self-employed mortgage searches, with 2023 seeing 5 months of over 100k self-employed searches and 2022 having four months. Prior to that, we had no months of over 100k self-employed mortgage searches.
“In this month’s edition of the Monthly Mortgage Market Report, we have run some statistics on the totals for October and November, which for years were the busiest months of the year for mortgage searches. But our findings show that the percentage of annual mortgage searches which take place at this time of year has dropped from 21.71% in 2019 to 16.28% in 2023 and a predicted 16.42% in 2024.
“Over the past three months, we have seen a 29% uplift in the use of our APPLY system, which allows consumers to apply for a mortgage directly from within the Twenty7tec platform. This is compared to a market increase of 14% based on ESIS.
“This year has already overtaken 2023 for the busiest-ever year for mortgage searches. The relative October and November slack have been picked up in the first quarter – with particularly strong performances in January, February and March 2024.
“It will be interesting to see if 2025 gets off to as strong a start as 2024 did. The late December interest rate decision would appear to have even more importance for the momentum for the weeks ahead.”
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