BTL purchase mortgage searches were 9.1% lower in August 2024 compared to the previous month and were up 16.29% compared to August last year
Twenty7tec’s latest mortgage market statistics for August 2024 shows that purchase mortgage searches were down 5.0% compared to July.
However, mortgage searches were 22.52% higher compared to August 2023.
Remortgage searches were 13.1% lower compared to July 2024 and were 0.49% lower compared to the same period last year.
The figures also reveal that BTL purchase mortgage searches were 9.1% lower in August 2024 compared to the previous month and were up 16.29% compared to August last year.
BTL remortgage searches were down 14.1% in August 2024 compared to the month prior and were 4.01% higher compared to August last year.
Searches by FTBs were down by 5.81% in August 2024 compared to July and were up 5.39% compared to August last year.
Meanwhile, two-year fixed mortgages accounted for 43.91% of all fixed product searches compared to 45.03% in August last year.
Three- to five-year fixed mortgages accounted for 33.47% of all fixed product searches compared to 34.72% in August 2023.
And five- to 10-year fixed mortgages now account for 22.62% of all fixed product searches compared to 20.24% in August 2023.
Twenty7Tec director Nathan Reilly says: August was, ironically, a cooler market than July. But we saw figures that compare favourably with August 2023 and so the year’s momentum is still very positive. We are currently on course to set new records for all mortgages searches. Two-thirds of the way through the year, we are already at 77.01% of the total of last year’s mortgage search activity.
On the horizon, we have a Budget and two rate decisions which, together, will likely impact the nature of the final trimester of this calendar year. We are hoping it is good news from a Government that plans to open up the housing market, he said.
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