Twenty7tec: December 2024 mortgage market activity
06 January 2025
Twenty7tec, the leading adviser tech provider, has announced mortgage market statistics for December 2024 as follows:
In December 2024, compared to November 2024:
- Purchase mortgage searches were down 37.7%
- Remortgage searches were down 32.9%
- Buy To Let purchase mortgage searches were down 35.0%
- Buy To Let remortgage searches were down 35.5%
- Residential purchase mortgage searches were down 38.4%
- Residential remortgage searches were down 32.0%
- Searches by First Time Buyers were down 36.66%
In December 2024, compared to December 2023:
- Purchase mortgage searches were up 9.58%
- Remortgage searches were down 17.42%
- Buy To Let purchase mortgage searches were up 0.3%
- Buy To Let remortgage searches were down 5.95%
- Residential purchase mortgage searches were up 11.36%
- Residential remortgage searches were down 21.65%
- Searches by First Time Buyers were up 4.64%
Searches for fixed mortgage products in December 2024:
- Two-year fixed mortgages accounted for 41.89% of all fixed product searches compared to 49.65% in December 2023
- Three- to five-year fixed mortgages accounted for 35.48% of all fixed product searches compared to 31.95% in December 2023
- Five- to ten-year fixed mortgages now account for 22.64% of all fixed product searches compared to 18.40% in December 2023
Nathan Reilly, director at Twenty7tec, says:
“As expected, December activity slowed even though we had a Bank of England rate decision just before Christmas. We’ve seen much of the pent-up demand in prior December’s come into the market in the subsequent January, so we’re hopeful that this period will once again be busy. If there had been an interest rate drop in late December, I think we’d be predicting a very busy market for the next few weeks.
“On the rate decision day - 19 December 2024 - we saw record high number of mortgage products on our systems with 24,264 available.
“There’s been talk in the market of the biggest ever Boxing Day bounce - when people begin to look at new properties, which will result in busier times for advisers over coming weeks.
“January is also likely to be busy - especially in the second half - with self-employed individuals looking for new mortgages as their tax bills are due January 31st and financial clarity means that more of them make decisions at this time of year about buying, remortgaging or moving home. 2024 was the busiest ever year on record for self-employed people looking for mortgages on our systems, 7.47% on the prior year.”
