Knowledge Bank’s November data reveals a quieter month for broker searches set against a sharp rise in lender criteria changes, suggesting an early start to the winter slowdown.
Total searches on the Knowledge Bank platform fell to 78,815 in November, down from more than 91,000 in October.
While broker activity cooled, lenders were highly active. Criteria additions reached 11,191, the highest monthly total of the year, with a further 4,332 criteria updated.
The figures point to a market in which lenders were busy refining products and definitions in the wake of the Autumn Budget, while brokers paused amid uncertainty and anticipated policy disruption.
DEFAULT RISE
In the residential sector, core affordability questions continued to dominate activity. “Max age at end of term” remained the most searched criteria, with “Joint borrower, sole proprietor” holding on to second place.
“Defaults registered in the last three years” was a major mover, jumping into third position. Against the backdrop of ongoing cost of living pressures, the shift suggests brokers are increasingly working with clients who have recent credit events.
Knowledge Bank notes that earlier falls in searches for this criteria may have been masked by more customers taking product transfers directly with lenders.
There were two other notable climbers. First-time buyer searches rose from 46th to 31st in the rankings. CIS worker searches continued their long upward trend, moving from 52nd to 43rd and underlining demand from non-traditional employment groups.
FIRST-TIME BUYER BUY-TO-LET
Buy-to-let search behaviour reflected both investor caution and shifting strategies. “First-time buyer buy-to-let” returned to the number one spot, reclaiming its position at the top of the sector rankings.
“No requirement to be a homeowner” remained in second place, while “Consumer buy-to-let” climbed strongly into third. Knowledge Bank highlighted this as a sign that accidental landlords may still be active in the market.
By contrast, “Lending to limited companies”, which was the most searched buy-to-let criteria in October, fell back to sixth. The change is likely to reflect Budget-related uncertainty around property investment structures.
LENDER ACTIVITY
Criteria changes were broadly spread across lenders, but two areas saw particularly prominent updates. Several providers refined their approach to non-standard construction, including Unity PRC, while others adjusted their wording around the definition of sheltered accommodation.
Sheltered accommodation has been a recurring talking point through 2025, as investors look for more stable, income-focused assets and seek clarity on how different property types are treated by lenders.
A theme echoed on Knowledge Bank’s Lenders Live sessions was the timing of the seasonal slowdown. Typically, brokers report activity easing in December. This year, many advisers felt the quieter period had begun in November.
Shane Chawatama, sales director at Knowledge Bank, said: “We would normally expect December to be the month where activity naturally softens, but this year we’re hearing from brokers that the slowdown has arrived early.
“November felt quieter than usual, and the big question now is how this will impact advisers as we move into the final weeks of the year.
“The upside, however, is the potential for a strong rebound, if activity has been pushed back rather than lost, we could be looking at a bumper start to 2026 with a release of pent-up demand.”
LOOKING AHEAD
November was defined less by changes in borrower behaviour and more by lender recalibration. Search volumes dipped, but criteria changes rose to their highest level of the year, indicating shifting risk appetites, post-Budget repositioning and early preparation for the year ahead.
Attention now turns to whether December continues the pattern of softer broker activity, and whether any demand deferred into the new year will result in a stronger start to 2026.
