The market has slowed down for second-steppers, as homeowners hold out in the hope of securing better rate deals.
This is the latest update from leading adviser tech firm Twenty7tec, which has just released its June Market Snapshot report.
Remortgage searches dropped by nearly 10% during the month, falling to 645,446 – down by 71,080 compared to May (716,526) – marking one of the sharpest monthly falls in remortgage activity in 2025 so far.
In addition to remortgaging, the data also revealed that:
In June 2025, compared to May 2025:
- Total searches were down 7.78%
- Searches by First Time Buyers were down 9.7%
- Residential purchase mortgage searches (non-FTB) were down 7.83%
- Buy To Let purchase mortgage searches (non-FTB) were down 5.34%
In June 2025, compared to June 2024:
- Total searches were up 11.75%
- Searches by First Time Buyers were up 14.5%
- Residential purchase mortgage searches (non-FTB) were down 1.62%
- Buy To Let purchase mortgage searches (non-FTB) were down 5.34%
Nathan Reilly, Commercial Director at Twenty7tec, said:
“Despite the recent Bank of England announcement that interest rates would be held rather than raised, we are witnessing a quiet yet growing confidence that rates will continue to fall this year.
“We’ve seen months of high remortgage activity, but now people are holding back. There’s undoubtedly a significant portion waiting to commit – potentially influenced by increasing media coverage, with predicted autumn rate cuts encouraging a ‘wait and see’ approach.
“The market has slowed down slightly, but overall activity is significantly healthier than last year. First-time buyer interest remains high, and we are noticing people leaning towards shorter-term fixes – all pointing to some optimism that interest rates may drop next year,” he said.
“Will they be rewarded? Or are we heading for disappointment? Only time will tell – but what’s clear is that borrowers are watching the market more closely than ever.
“For advisers there’s an opportunity to double down on proactive engagement, ensuring every lead is nurtured efficiently as summer brings softer demand.”
Access the report HERE
