Mortgage Market Report – April
April 2024
Mortgage Market Activity
09.05.24
Twenty7tec, the leading adviser tech provider, has announced mortgage market statistics for April 2024 as follows
The data:
- Purchase mortgage searches were up 8.1% in April 2024 compared to March 2024 and were up 25.87% compared to April 2023
- Remortgage searches were up 6.23% compared to March 2024 and were up 48.03% compared to April 2023
- Buy To Let purchase mortgage searches were up 7.93% in April 2024 compared to March 2024 and were up 19.27% compared to April 2023
- Buy To Let remortgage searches were up 2.50% in April 2024 compared to March 2024 and were up 26.48% compared to April 2023
- Residential purchase mortgage searches were up 8.16% in April 2024 compared to March 2024 and were up 27.82% compared to April 2023
- Residential remortgage searches were up 7.44% in April 2024 compared to March 2024 and were up 62.34% compared to April 2023
- Searches by First Time Buyers were up 5.68% in April 2024 compared to March 2024 and were up 13.04% compared to April 2023
Searches for fixed mortgage products in March 2024:
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- Two-year fixed mortgages accounted for 48.51% of all fixed product searches (compared to 42.73% in April 2023)
- Three- to five-year fixed mortgages accounted for 34.09% of all fixed product searches (compared to 33.19% in April 2023)
- Five- to ten-year fixed mortgages now account for 17.40% (compared to 24.08% in April 2023)
Nathan Reilly, Director at Twenty7tec, says:
“April 2024 was our third busiest ever month on the platform with over two million mortgage searches in total. The month also saw a new record set for the total products available – with over 21,000 product variations now in the UK mortgage market, a 3.82% rise on the prior month end.
“We’re seeing a significant level of ESIS documents being produced for purchase mortgages, which is always a good sign.
“April 2024 saw an unprecedented fourth month on the trot with over 100,000 self-employed mortgage searches. However, their demand was outstripped by the employed who made up over 90% of all mortgage searches for the first time since September 2020 (retired and self employed made up 9.33% in April 2024).
“Finally, we saw the average property valuation for a first time buyer in London break through the £500k mark again for the first time in a year.”
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