Purchase mortgage searches fell by over 5% in August, new data from Twenty7tec has revealed.
As part of its mortgage market statistics for August 2024, the tech provider also revealed that remortgage searches fell by 13.51%.
Meanwhile, buy-to-let purchase mortgage searches were down 9.1%, and buy-to-let remortgages searches saw a fall of 14.1%.
Overall, residential purchase mortgage searches were down 4.4%, while residential remortgage searches fell by over 14.5%.
In addition, searches by First Time Buyers were down -5.81%
2-year fixed mortgages accounted for 43.91% of all fixed product searches compared to 45.03% in August 2023, and 3- to 5-year fixed mortgages accounted for 33.47%.
5- to 10-year fixed mortgages accounted for 22.62% of all fixed product searches compared to 20.24% in August 2023.
Nathan Reilly, director at Twenty7tec, said: “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’re 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 affect the nature of the final trimester of this calendar year.
“We’re hoping it’s good news from a Government that plans to open up the housing market.”
