August 2023 was the quietest month for mortgage searches in 2023 so far, recording 1,377,393 searches in total compared to 1,507,470 in July, new data from Twenty7tec has revealed.
As part of its monthly mortgage market statistics for August 2023, Twenty7Tec also found that mortgage searches were down 1% in August 2023 when compared to July, while remortgage searches were down 16%.
Buy-to-let mortgage searches were down 7.9% nationwide as searches by first-time buyers climbed by 0.8% throughout the month.
In fact, the percentage of first-time buyers climbed to its highest level for over 15 months.
Twenty7Tec’s findings also revealed that 2-year fixed mortgages accounted for 45.0% of all fixed product searches in August.
3- to 5-year fixed mortgages accounted for 34.7% of all searches, while 5- to 10-year fixed mortgages accounted for 20.2%.
Nathan Reilly, director at Twenty7tec, said: “Augusts are often a quieter month as buyers head off on holiday.
“We saw an uptick in first-time buyer activity in August 2023, which often heralds an upturn in activity in September for the remainder of the market.
“The first two full working weeks of September (weeks 36 and 37 of the year) are also a good time to spot whether it’s going to be a busy run up to Christmas.
“We’re hoping that with increased products in the market, more first time buyer searches taking place and greater stability in inflationary pressures, that we have the basis for greater market activity.”
