Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Remortgage Searches Rise, Purchase and BTL Ease in July
Remortgage activity increased by 7% in July compared to June, while purchase and buy-to-let (BTL) mortgage searches declined, according to data from Twenty7tec. The figures show that different borrower groups are moving at different speeds as affordability pressures and the summer slowdown affect the market.
Twenty7tec’s Mortgage Market Snapshot recorded a total of 1,790,196 mortgage searches in July, which is a 1% increase on June and broadly unchanged from July last year. Residential remortgage searches reached 700,628, up 7% month on month and 5% year on year.
In contrast, residential purchase searches were 3% lower than in June, and first-time buyer searches fell by 4% during the month. However, first-time buyer activity remained slightly ahead of July last year, indicating that demand has not disappeared despite ongoing affordability challenges.
Buy-to-let search volumes remained slightly below last year’s levels. Twenty7tec notes that this reflects a landlord market that is continuing to assess borrowing costs, taxation, regulation, and the longer-term outlook for property investment.
For letting agents and inventory clerks, these trends highlight ongoing shifts in the UK property market, with remortgaging activity standing out amid a more cautious purchase and BTL environment.
Source: Mortgage Strategy