Mortgage Market Report February
February 2023 mortgage market statistics
Today (March 6th 2023) we have issued our findings based on our mortgage platform data for February 2023. The main findings include:
Mortgage searches
- February 2023 saw a strong performance in total mortgage searches but fell short of January 2023’s record highs due to being a shorter month
- February 2023 was notable in that no single day stood out, but it saw 10 of the 30 busiest days for mortgage searches ever
- February 2023 was the fourth busiest ever month for remortgages but only the 14th busiest ever for purchase mortgage searches
- The mini-boom in self-employed mortgage searches continued for 8 days after the self-assessment tax period ended on January 31st
- This was the sixth month on the trot where we created more ESIS documents for remortgages than for purchases – despite purchase searches continuing to outstrip remortgage searches
- We saw a resurgence in first-time Buyer searches in London – a rise of 25.6% on January’s poor performance
- Overall, the only valuation group which saw more mortgage searches in February was in the £1m+ group
Products
- The month ended with over 16,355 products and variants available, up 9.1% compared to the end of the prior month
- We now have more products in the market than at any time since June 2022
- We saw a rise in product availability across all Max LTV ranges from 60% to 100%
February 2023 saw a mid-month slump and a month-end resurgence that matched activity levels in January 2023. Hopefully, advisers and lenders will be able to build on that in March, with the usual Springtime boom often mounting as we head towards Easter.
The macroeconomic picture remains fluid and the market will be preparing for March 23rd when the Bank of England makes its next rate decision.
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