Mortgage Market Report – January
January 2024
Mortgage Market Activity
07.02.24
Twenty7tec, the leading adviser tech provider, has announced mortgage market statistics for January 2024 as follows:
The data:
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- Yesterday [Monday] was the busiest every day on record (since Twenty7tec was created in 2014) for mortgage searches, with 100,363 mortgage searches taking place yesterday.
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- Purchase mortgage searches were up 120.1% in January 2024 compared to December 2023 and were up 13% compared to January 2023
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- Remortgage searches were up 93.9% compared to December 2023 and were up 26.8% compared to January 2023
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- Buy To Let mortgage searches were up 96.5% nationwide in January 2024 compared to December 2023 and were up 5.2% compared to January 2023
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- Searches by First Time Buyers were up 125.9% nationwide in January 2024 compared to December 2023 and were up 16.9% compared to January 2023
Searches for fixed mortgage products in January 2024:
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- Two-year fixed mortgages accounted for 49.51% of all fixed product searches (compared to 40.7% in January 2023)
- Three- to five-year fixed mortgages accounted for 31.04% of all fixed product searches (compared to 33.9% in January 2023)
- Five- to ten-year fixed mortgages now account for 19.45%, a rise on the prior month (compared to 25.4% in January 2023)
Nathan Reilly, director at Twenty7tec says:
“January 2024 saw us move into new territory: our first-ever month with over two million mortgage searches on our platform.
“It was consistent growth across the board with purchase, remortgages and Buy To Let all doubling compared to the prior month. It was officially our busiest month ever and we saw 12 of our 20 busiest ever days for mortgage searches in January 2024.”
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