July saw mortgage search numbers bounce back

August 12, 2024 by Heidi

Surveys and Statistics

The number of searches that were conducted by mortgage advisors for both remortgage and purchase products went up last month, according to Twenty7tec.

The latest of the mortgage market reports that the tech firm releases each month shows that there was a 13.7% rise in the number of purchase product searches carried out during July. Meanwhile, the number of searches for remortgage products carried out by advisors went up by 8.4% compared with the month before. This marks a big contrast with June, which saw drops in search activity.

If enquiries about product transfers are removed from the data, a total of 56% of the total number of July searches were for purchase products. The remaining 44% were for remortgage ones.

In an interview with Mortgage Solutions, Nathan Reilly from Twenty7tec stated that:

“June’s slippages were more than recovered in July 2024 for both purchase and remortgage search volumes. Purchase search volumes remain high compared to remortgage search volumes.”

When the search numbers for July are compared with those for the same month last year, there was a rise of 105,782. This led Reilly to point out to Mortgage Solutions that the summer had brought a lot of heat to the market, for everyone from buyers to lenders and mortgage advisors.

He went on to say that a combination of a more stable situation, falls in interest rates and decent weather were all factors in the numbers.

This is the sort of news that people with the CeMAP mortgage advisor qualification will be delighted to read about.