“The previous record was set just a few days before the pandemic affected the UK market in March 2020.”
– Nathan Reilly, director at Twenty7tec
Total mortgage product availability increased by 7.2% between February and March, the first time Twenty7tec has recorded over 21,000 products on the market.
Its latest data shows that mortgage searches were down in March compared to February – likely due to the bank holiday weekend and the Bank of England’s decision to maintain interest rates.
Purchase mortgage searches were down 8.1% in March compared to February and were down 4.98% compared to March 2023.
Whilst remortgage searches were also down compared to the month prior, they were up 3.75% compared to March 2023.
The figures also show that two-year fixed mortgages accounted for 51.51% of all fixed product searches, compared to 41.3% in March 2023.
Nathan Reilly, director at Twenty7tec, commented: “March 2024 saw a slowing of the market as the combination of an unusually early Easter and the Bank of England’s decision to maintain interest rates saw a nudge downwards in mortgage searches. The figures are, of course, high when viewed in the long-term but will feel slower to a market that has been running hot since Boxing Day 2023.
“One new record of note is that more mortgage products are available now than ever before. At month-end, total product availability stood 7.2% higher than the prior month, the first time we have seen over 21,000 products on the market. The previous record was set just a few days before the pandemic affected the UK market in March 2020.
“Finally, consumers have built in an expectation of change in rates as the majority of fixed mortgage searches are now for two years or less.”
