Mortgage Market Report – November 2022

monthly-mortgage-report-Nov-2022

Twenty7tec issues November 2022 UK mortgage market findings.

(6 December 2022) Twenty7tec has issued its findings based on its mortgage platform data for November 2022

The main findings include:

Mortgage searches

  • November 2022 purchase mortgage searches were down 9.2% on the prior month.
  • November 2022 remortgage searches were down 17.1% on the prior month.
  • Total mortgage searches in November 2022 were down 13.1% on the prior month.
  • Total First Time Buyer mortgage searches were down 7.2% on the prior month.
  • The average property valuation for purchases (£333,951) was down 1.4% on the prior month.
  • The average loan required (£230,128) was down 1.3% on the prior month
  • November 2022 was the ninth-busiest month ever for total mortgage searches (October and September were the two busiest ever months).
  • Total mortgage searches in November 2022 were 85.85% of the high mark set in September 2022.
  • Total searches for fixed products continued to drop in November 2022, but tracker searches more than doubled (up 108%) compared to September 2022.
  • Green mortgages have been less popular over the past two months, threatening the route to net zero. In part, this is because green BTL mortgages have been driving growth and total BTL mortgage searches are at their lowest real terms levels in six months.

ESIS documents

  • For the third month in a row, remortgage ESIS documents produced outnumbered purchase ESIS documents, but the gap is narrowing.

Purchase v remortgage

  • The month averaged 54:46 for purchase v remortgages compared to 52:48 in October..

Products

  • The month ended with over 13,000 products and variants available, up 18.98% compared to the end of the prior month

James Tucker, CEO, Twenty7tec said of the findings:

“Our mission is to remove the wrinkles from the adviser/customer process, to make it as frictionless as possible. Have we succeeded? Well, in 2020, advisers performed on average 5.18 mortgage searches per ESIS document they created. That’s a lot of hustle. By 2021, this  dropped to 4.02 searches per ESIS document and in 2022, despite the varying rates and greater market uncertainty, this dropped again to 4.001 searches per document.
What’s clear is that even though we have all been incredibly busy since the beginning of the pandemic, advisers have been able to process more matters efficiently by using the tools at their disposal.

It’s not mission accomplished, but we’re definitely on track.”

Download the PDF

Share this article

Twenty7tec has announced the successful integration of Skipton Building Society…

Leading fintech firm Twenty7tec today announces the acquisition of mortgage…

Top