Twenty7tec has published mortgage market statistics for May 2024, from activity on its platform.
Purchase mortgage searches were down 8.0% in May 2024 compared to April 2024 but were up 7.16% compared to May 2023, while remortgage searches were down 25.24% month-on-month and 0.43% year-on-year.
Buy-to-let purchase mortgage searches were down 7.15% in May compared to April, but were up 6.12% compared to May 2023. Meanwhile, buy-to-let remortgage searches were down 18.55% in May 2024 month-on-month and were down 6.13% year-on-year.
In addition, residential purchase mortgage searches were down 8.37% in May 2024 compared to April, but up 7.80% compared to May last year. Residential remortgage searches were down 29.21% MOM and up 3.32% YOY.
Searches by first-time buyers were down 2.86% in May 2024 compared to April but were up 1.85% compared to May a year ago.
Two-year fixed mortgages accounted for 45.63% of all fixed product searches (compared to 48.51% in May 2023), while three to five-year fixed mortgages accounted for 34.10% of all fixed product searches (compared to 34.09% in May 2023). Five to 10-year fixed mortgages now account for 20.28% of all fixed product searches (compared to 17.40% in April 2023).
Nathan Reilly, director at Twenty7tec, said: “May 2024 saw lower activity levels due to a combination of two bank holidays, a Bank of England decision that deterred remortgages, a General Election announcement and maybe poorer weather that normally encourages a stronger May performance.
“But looking at the broader picture, 2024 has been an incredibly hot market for mortgage searches YTD – up one million searches on our systems compared to the same period last year.
“Lenders also have confidence in the market with more products available than ever before. We also have more products with max LTVs of 95%, 85%, 80% and 75% than ever before.
“Finally, fixed mortgage search volumes are now running at 111.46% of their long-term monthly average, as the market drifts away from two year deals to five and even longer-term deals. Buyers increasingly want price certainty, it would seem.”
