Mortgage Searches Leap Back into Action in July

After a bit of a dip in June, the mortgage market is back on the upswing. Searches for both purchase and remortgage deals saw a healthy jump in July, according to the latest figures from mortgage tech firm Twenty7tec.

More buyers are on the hunt: Searches for mortgages to buy a home shot up by 13.7% in July. This surge more than makes up for the slight drop seen the month before.

Remortgage activity heats up too: It wasn’t just buyers who were busy. Homeowners looking to remortgage also jumped back into action, with searches increasing by a solid 8.4%.

What does this mean for the market? Experts believe this boost in activity is a strong sign of growing confidence in the housing market. Nathan Reilly, a director at Twenty7tec, pointed to a few key factors driving this positive trend:

The summer sunshine: It seems like good weather really does get people thinking about moving!
Hopes for lower interest rates: The possibility of rates going down in the future could be encouraging people to make their move sooner.
A more stable market: After a period of uncertainty, things are looking a bit more settled, which is boosting confidence for both buyers and sellers.

Record-breaking Choice for Borrowers! 🎉

Another positive sign is the sheer number of mortgage products available to choose from. July saw an all-time high, with over 22,350 different mortgage deals on offer! This means buyers and those remortgaging have more options than ever before, making it easier to find the perfect deal for their individual circumstances.

Here’s a quick breakdown of the key numbers:

Total mortgage searches in July: 1.73 million! That’s a lot of people looking to buy or remortgage.
Increase in searches compared to last year: A massive 105,782 more searches this July compared to July 2023.
Average loan size for first-time buyers: £220,849.
Most popular mortgage type: Two-year fixed-rate deals remained the most sought-after, but their overall share of the market dipped slightly.

The bottom line? The mortgage market is looking much healthier after a brief summer slump. With more buyers and sellers entering the market and a record number of mortgage products on offer, now could be a good time to explore your options.