Twenty7tec has published mortgage market statistics for November 2023.
It reported that purchase mortgage searches were static in November compared to October, while remortgage searches were up 9.9% month-on-month.
In addition, buy-to-let mortgage searches were up 1.61% nationwide in November compared to the previous month, but up 11.1% in London.
Meanwhile, searches by first-time buyers were down 1.3% nationwide.
Two-year fixed mortgages accounted for 47.54% of all fixed product searches last month, while three to five-year fixed mortgages accounted for 32.9% and five to 10-year accounted for 19.1%, the lowest proportion for at least two years.
Nathan Reilly, director at Twenty7tec, said: “Purchase mortgage searches remained flat in November 2023, but the uplift in volume of remortgage and buy-to-let searches meant that we’ve already surpassed 2022’s total mortgage search tally. November 2023 was the fourth month in a row that we saw an increase in buy-to-let mortgage search volumes.
“The end of November also saw the year’s high for mortgage product availability (18,625) as the Bank of England maintained the status quo around interest rates. Since the BoE’s decision on 2nd November, we have seen the market add 3.8% more mortgage products. In terms of mortgage products, we are now at 92.31% of the all-time highest number on the market. This is a marked improvement (39.63%) on the lows back on 4 July when we had considerably fewer products on the market (13,338).
“Finally, for those looking for mortgages, the average combined salaries have shot up during the course of this year and currently stand at an average of £75,330.43, 15.98% higher than a year ago (£64,947.10).”
