New figures that have been released show that last month brought a rise in the number of searches for purchase mortgage products, despite the uncertainty ahead of the Budget.
These figures were provided by Twenty7tec and they show a month-on-month increase of 2.9% in purchase search numbers. When a comparison is made to the same month last year, the rise is even more striking. There were 26.9% more searches for purchase mortgages last month than in October of 2023.
What makes the increase particularly surprising is that it occurred during the month leading up to the Budget announcement. In general, that caused a considerable amount of uncertainty within the UK mortgage market. However, it clearly did not lead to a drop-off in levels of interest among buyers.
There were increases in search numbers for all kinds of mortgage product during October. Searches for remortgage deals went up by 1.4% in comparison with September. When it comes to buy-to-let searches, the increase was 3%, and for first-time buyers, it was 5.38%.
All of these product types also saw considerable search number rises when compared to October of last year. Twenty7tec director Nathan Reilly told Financial Reporter that total search numbers were expected to exceed those of 2023 by the end of this month, adding:
“It’s been a busy year for advisors, and we’re highly likely to see new records set when we do the year in review.”
This will mean the number of people seeking out a CeMAP training company to qualify as advisors stays high too.
