Mortgage Market Report – August
August 2023 mortgage market activity
05.09.23
We can today announce our mortgage market statistics for August 2023 as follows:
The data:
- August 2023 was the quietest month for mortgage searches in 2023 (1,377,393 searches in total compared to 1,507,470 in July 2023)
- Purchase mortgage searches were down 1% in August 2023 compared to July 2023
- Remortgage searches were down 16% compared to July 2023
- Buy To Let mortgage searches were down 7.9% nationwide in August 2023 compared to July 2023
- Searches by First Time Buyers were up 0.8% nationwide in August 2023 compared to July 2023
- First Time Buyers (as a percentage of the market) were at their highest level for 15 months
- Searches for fixed mortgage products in July 2023:
– Two-year fixed mortgages accounted for 45.0% of all fixed product searches in August 2023
– Three- to five-year fixed mortgages accounted for 34.7% of all fixed product searches
– Five- to ten-year fixed mortgages now account for 20.2% (compared to 35.9% a year ago)
Nathan Reilly, director at Twenty7tec says:
“Augusts are often a quieter month as buyers head off on holiday. We saw an uptick in First Time Buyer activity in August 2023, which often heralds an upturn in activity in September for the remainder of the market.
“The first two full working weeks of September (weeks 36 and 37 of the year) are also a good time to spot whether it’s going to be a busy run up to Christmas. We’re hoping that with increased products in the market, more first-time buyer searches taking place and greater stability in inflationary pressures, that we have the basis for greater market activity.”
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