Purchase mortgage searches were down 7.4% in June compared to May, but down only 1.25% compared to June 2023, Twenty7tec has revealed.
In addition, remortgage searches were down 7.27% compared to May and considerably down (-24.36%) compared to this time last year.
Buy-to-let (BTL) purchase mortgage searches were down 7.52% throughout the month, while BTL remortgage searches were down 10.01%.
Residential purchase mortgage searches fell by 6.97% compared to May, but were up 0.37% compared to June last year.
In addition, residential remortgage searches were down 5.90% compared with the month prior, but were down 23.64% compared to June 2023.
Searches by first-time buyers were down 10.42% in June compared to May and down 9.75% on an annual basis.
2-year fixed mortgages accounted for 45.63% of all fixed product searches throughout the month.
Nathan Reilly (pictured), director at Twenty7tec, said: “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).”
He added: “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.”
