Mortgage activity on the rise in October
Mortgage activity appears to be picking up, with a jump in the number of remortgage, purchase, first-time buyer and buy-to-let searches seen in October, compared to previous months in 2023.
Figures from a recent Twenty7tec report show that there was a 9.02% increase in remortgage searches and a 6.1% increase in purchase mortgage searches in October when compared to September’s figures. Data from the technology firm shows that activity increased steadily throughout the month.
This increased confidence could be seen across most sectors, with the number of broker searches for first-time buyer mortgages increasing by 7.8% month-on-month, while there was also a 7.01% increase in BTL mortgage searches during October.
With interest rates forecast to be close to their peak, it is perhaps not surprising there were fewer searches for longer term fixes, with five to 10 year mortgages accounting for just 20% of searches – this compares to 32.3% a year ago.
The data also shows that almost one in five mortgage searches were for properties valued at over £500,000.
Twenty7tec director Nathan Reilly says: “The market was definitely busier in October than September 2023, but it wasn’t about peaks and troughs, but rather being slightly busier each and every day.” Click here to view the Twenty7tec report in full.
Looking for mortgage advice?
Contact our expert mortgage team for tailored advice for your mortgage & protection needs.
