Total mortgage searches were down 38.8% on the prior month in December 2022, according to the latest data released by Twenty7Tec.
As part of its findings in its Mortgage Market Report for December, Twenty7tec also found that remortgage searches were down 35.3%.
Additionally, total first-time buyer mortgage searches were down 38.1%, while total searches for fixed products were half the volume of October 2022.
James Tucker, CEO of Twenty7tec, said: “December’s performance was down on the prior month, but broadly in line with what we’d expect from most Decembers over the past few years.
“The next 12 months are going to be full of challenges for advisers and lenders as the move to satisfy customers in challenging economic conditions.
“We’ll be here to support them in making great decisions and offering the best advice possible, every time.”
The research also revealed that the average property valuation for purchases (£334,511) was up 0.2%, while the average loan required (£231,415) was up 0.6% on the prior month.
Green mortgage search volumes also continued to falter, and for the third month in a row, remortgage ESIS documents produced outnumbered purchase ESIS documents.
The volumes of buy-to-let business continued with weekly averages well down compared to annual averages.
However, the month ended with over 13,457 products and variants available, up 4.6% compared to the end of the prior month.
