Twenty7tec: November 2024 mortgage market activity
10 December 2024
Twenty7tec, the leading adviser tech provider, has announced mortgage market statistics for November 2024 as follows:
In November 2024, compared to October 2024:
- Purchase mortgage searches were down 11.1%
- Remortgage searches were down 8.6%
- Buy To Let purchase mortgage searches were down 14.60%
- Buy To Let remortgage searches were down 6.5%
- Residential purchase mortgage searches were down 11.3%
- Residential remortgage searches were down 8.6%
- Searches by First Time Buyers were down 9.2%
In November 2024, compared to November 2023:
- Purchase mortgage searches were up 10.39%
- Remortgage searches were down 14.05%
- Buy To Let purchase mortgage searches were up 0.04%
- Buy To Let remortgage searches were down 0.01%
- Residential purchase mortgage searches were up 12.36%
- Residential remortgage searches were down 18.42%
- Searches by First Time Buyers were up 0.45%
Searches for fixed mortgage products in November 2024:
- Two-year fixed mortgages accounted for 40.51% of all fixed product searches compared to 47.54% in November 2023
- Three- to five-year fixed mortgages accounted for 35.51% of all fixed product searches compared to 32.91% in November 2023
- Five- to ten-year fixed mortgages now account for 23.45% of all fixed product searches compared to 19.55% in November 2023
October and November activity
- 2024 has seen the busiest ever October and November for mortgage searches - up on 2023 by 5.87% and up 2.70% on the previous record year, 2022
- Remortgages in October and November (1,401,748 searches in total), however, did not set a record. 2024’s figures were down 5.84% on 2023 and down -4.99% compared to 2022
- However, purchase mortgages (1,826,590 searches) did set a new record, up 9.5% on the prior record year, 2022 and up 17.1% compared to 2023
- Buy To Let purchase in this period in 2024 was only our fourth-ever busiest year - at 89.1% of the prior record, set in 2022
- Buy To Let remortgage searches were up 4.70% compared to 2023 but down - 4.55% on 2022’s record
- This period in 2024 set new records for First Time Buyer purchases with 508,772 - up 5.24% on 2023 and up 5.06% on 2022
Nathan Reilly, director at Twenty7tec, says:
“November mortgage market activity was clearly down in October 2024 pretty much across the board. But there was also a shift in the outlook of the market as there was a rather large bump (61.3%) in total fixed mortgage searches with initial terms of less than two years. That speaks to what consumers expect to happen next.
“Although activity was down in November, it should be looked at in the broader context: at around midday on November 28th, the year-to-date totals overtook mortgage searches for 2023, with over a month to spare. There’s nuance in those figures, however, as the market this year has not been as busy handling First Time Buyer mortgage searches with volumes still down over 100,000 in 2023 with a month to go.
“But the market has had its busiest ever year for self-employeds with 1,223,140 mortgage searches it’s already up 1.97% on 2023 with a month to spare. Every single month this year has had over 100,000 self employed mortgage searches, with 2023 seeing 5 months of over 100k self-employed searches and 2022 having four months. Prior to that, we had no months of over 100k self-employed mortgage searches.
“In this month’s edition of the Monthly Mortgage Market Report, we have run some statistics on the totals for October and November, which for years were the busiest months of the year for mortgage searches. But our findings show that the percentage of annual mortgage searches which take place at this time of year has dropped from 21.71% in 2019 to 16.28% in 2023 and a predicted 16.42% in 2024.
"Over the past three months, we have seen a 29% uplift in the use of our APPLY system, which allows consumers to apply for a mortgage direct from within the Twenty7tec platform. This is compared to a market increase of 14% based on ESIS.
“This year has already overtaken 2023 for the busiest-ever year for mortgage searches. The relative October and November slack have been picked up in the first quarter - with particularly strong performances in January, February and March 2024.
“It will be interesting to see if 2025 gets off to as strong a start as 2024 did. The late December interest rate decision would appear to have even more importance for the momentum for the weeks ahead.”
Download the full report here.
