"Product availability also peaked in October 2023: the highest total number of products available to the market in at least a year, with 17,788 products available at October month end."
- Nathan Reilly, Director at Twenty7tec
In the last month, Twenty7tec found two-year fixed mortgages accounted for just under half (46.2%) of all fixed product searches, followed by three-to-five-year fixed mortgages (33.6%), and five-to-ten-year fixed mortgages (20.2%). Notably, there has been a 12.1% decrease in searches for five-to-ten-year fixed mortgages compared to 2022.
Meanwhile, searches by first-tine buyers surged by 7.8% nationally.
Commenting on these findings, Nathan Reilly, Director at Twenty7tec, has said:
"The market was definitely busier in October than September 2023, but it wasn’t about peaks and troughs, but rather being slightly busier each and every day.
"Product availability also peaked in October 2023: the highest total number of products available to the market in at least a year, with 17,788 products available at October month end. Product availability is also at a 12-month high across all the major LTV ranges.
"Searches for purchase mortgages beat searches for remortgages for 12 of the past 14 months. But the volume of ESIS documents created for remortgages beat purchase documents for 11 of the past 14 months. The demand is clearly there for purchase, but remortgage is taking a lead."
