Mortgage Market Report – April
Easter impacts mortgage searches
03.05.23
We can today announce our mortgage market statistics for April 2023 as follows:
The data:
- Purchase mortgage searches were down 18.3% in April 2023 compared to March 2023
- Remortgage searches were even harder hit – down 25.4% compared to March 2023.
- Buy To Let mortgage searches were down 23.4% in April 2023 compared to March 2023
- Searches by First Time Buyers were down 16.4% nationwide in April 2023 compared to March 2023
- Purchase mortgages and First Time Buyers both represented a larger proportion of the market than in the prior month
- Searches for fixed mortgage products took a particular hit. April 2023 saw:
– 130,000 fewer 2-year fixed mortgage searches than in March 2023
– 128,000 fewer 5-year fixed mortgage searches than in March 2023
– 105,000 fewer 10-year fixed mortgage searches than in March 2023
Nathan Reilly, Director at Twenty7tec explains:
“Easter 2023 had a major impact on mortgage search volumes. It’s quite likely that May will see similar downward pressures given the three bank holidays.
Fixed product searches in particular have taken a hit. April 2023 saw total fixed product searches at only 79.06% of their all-time monthly high. In April 2023, fixed product searches represented 44.9% of all mortgage searches, well ahead of the long-term average of 40.5%, but considerably lower than large periods of last year when fixed products often represented over 50% of all mortgage searches.”.
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