Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property118. Read the original article for full details.
Landlord Purchase Mortgage Searches Fall 22% Year on Year
Buy to let purchase mortgage searches fell 22% year on year in August, while searches for landlord remortgages dropped 8%, according to figures from Twenty7tec reported by Property118.
The data shows Twenty7tec recorded 70,452 buy to let purchase searches and 161,157 remortgage searches during the month. Combined, the two categories totalled 231,609 searches — down 12% from August last year.
Month-on-Month Decline
Both categories also recorded 14% fewer searches than in July, a slowdown in landlord mortgage activity compared with the previous month.
What This Means for Letting Agents and Inventory Clerks
For UK letting agents and inventory clerks, the figures point to reduced purchase activity among landlords, with remortgaging remaining the larger of the two search categories by volume. Agents tracking landlord client behaviour may wish to note the year-on-year and month-on-month declines when assessing demand in their local markets.
The source report did not provide commentary on the reasons behind the declines, so agents should read the original article for any further detail.
Source: Property118