Monthly mortgage searches rebounded in July, new Twenty7Tec data has indicated, rising by 8.7% after the figure fell in June.
However, mortgage searches for properties valued at over £1m continued to fall, down 2.7% in comparison to June, while the availability of mortgage products continued also fell again for the fourth consecutive month.
Twenty7Tec reported that product availability is now at its lowest since the end of September 2021 and is currently at 76.27% of pre-pandemic highs.
Elsewhere, earches for green mortgages continued to climb, with seven out of Twenty7Tec’s top 10 busiest ever days for green mortgage searches coming in July.
Twenty7Tec founder and CEO, James Tucker, said: “So far this year, we’ve seen 10.5 million mortgage searches on the platform. That’s a month quicker than we hit the 10 million search milestone in 2021. We’re predicting that 2022 will surpass 2020’s total mortgage search volumes by the middle of September. Bearing in mind how busy 2020 was, that’s quite an achievement. So far this year, we’ve processed one mortgage search every 1.8 seconds.
“Product availability is probably one of the key metrics this month. We’re now operating at around three quarters of the pre pandemic highs – down for the fourth month on the trot.”
The mortgage technology firm’s figures also revealed that fixed mortgage searches remain at 85.83% of all-time highs, whereas stepped (56.87%), discount (45.87%), tracker 46.62%), capped (44.67%), variable (44.56%), and Libor (44.29%) are all performing well below their all-time highs.
“We’ve also seen a much greater concentration towards fixed mortgages which are currently performing at around 85% of their all-time highs,” Tucker added.
“Stepped mortgages are at 56% of their all time highs. But the availability of discount, tracker, capped, variable and Libor mortgages are all below 50% of their record highs. Both buyers and lenders are seeking greater certainty and the profile of products available reflects that.
“From end June to end July 2022 we saw the largest monthly drop in real terms, and in percentage terms, of mortgage products available since the pandemic-induced handbrake stop in March 2020 which saw the removal of around 3,000 products almost overnight.”
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