Twenty7tec reporting first-time buyer search rise

November 10, 2023 by Alan

House Prices

Twenty7tec is reporting that the past month brought a significant increase in the total search number of purchase products among people looking to buy their first home.

According to product search data for the platform that has now been issued, there was a 7.8% rise in searches for purchase mortgages suitable for first-time homebuyers during that period. Searches for purchase loans by mortgage advisors using the Twenty7tec platform rose in general over the past month, with a 6.1% increase being confirmed.

That is something of a surprise given recent data indicating a slump in housing market activity due to cost of living rises and higher rates. Speaking to Financial Reporter about the latest figures, Nathan Reilly, director of Twenty7tec, stated that search numbers had risen at a steady pace throughout the month, rather than experiencing sharp rises and falls.

He added:

“Product availability also peaked in October 2023: the highest total number of products available to the market in at least a year, with 17,788 products available at October month’s end.”

The product type that dominated searches on the platform in October was fixed rate two-year mortgages. Nearly half of all of the searches conducted by advisors across the month – 46.2% of them – were for that type of product. Fixed rate loans of between three and five years made up 33.6% of searches.

This is some news that those with CeMAP mortgage advisor training can view as more encouraging, and suggests that first-time homebuyers are not being squeezed out entirely.