Purchase mortgage searches were up 13.67% in July, data from Twenty7tec has revealed.
As part of its mortgage market statistics for July 2024, the tech provider also found that remortgage searches were up 8.41%.
Buy-to-let (BTL) purchase mortgage searches were up 9.48% and BTL remortgage searches were up a further 13.67%.
Residential purchase mortgage searches were up 13.88% and residential remortgage searches grew by 6.57%.
Searches by first-time buyers saw a considerable rise of 12.54%.
2-year fixed mortgages accounted for 45.52% of all fixed product searches throughout the month, compared to 42.62% in July 2023.
3-year to 5-year fixed mortgages accounted for 34.28% of all fixed product searches, while 5-year to 10-year fixed mortgages accounted for 20.20% of all fixed product searches.
Nathan Reilly, director at Twenty7tec, said: “It’s been a hot summer for brokers, lenders, and housebuyers so far.
“In July 2024, we had 105,782 more searches than in July 2023, as the good weather, the promise of lower interest rates, and greater stability led to greater market confidence.
“In fact, year-to-date, we have now had over 800,000 more mortgage searches than for the same period in 2023.”
He continued: “We also reached a new all-time high for product availability at month end in July 2024 and higher still mid-month, with availability peaking on 18 July at 22,872 product variations.
“The new record is around 10% higher than the pre-pandemic record set on 1 March 2020.
“Fixed mortgages are at their lowest proportion of the market for six months, but still ahead of long-term averages.
“July 2024 saw the highest proportion of mortgage searches for properties valued over £500,000 for six months: 20.55% of all mortgage searches for the month.”
