Mortgage Market Activity Slows Down
The mortgage market has slowed down ahead of the Budget, due to affordability pressures and a wait for clarity. Despite this, the number of mortgage products available has reached a record high.
According to Twenty7tec data, first-time buyer activity and total residential searches have decreased. Total residential searches were 3.2% lower compared to last year, with purchase activity down and remortgage volumes dominating.
- Residential purchase searches fell 12.3% year-on-year.
- Remortgage searches increased 12.5%.
- First-time buyer searches decreased 14.4% year-on-year and 3.3% month-on-month.
The slowdown reflects both affordability pressures and a pause for clarity ahead of the upcoming Autumn Budget.
Author's summary: Mortgage market slows down ahead of Budget.
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