Purchase searches stay static while remortgage is on the rise

Despite this, remortgage searches were up 9.9% compared to October 2023, while buy-to-let searches increased 1.61%. Interestingly, BTL searches in London alone were much higher - up 11.1%.

Searches for two-year fixes accounted for almost half - 47.54% of all fixed product searches - while the lowest proportion was for five- to ten-year fixes, at 19.1%.

Nathan Reilly, director at Twenty7tec says:

"Purchase mortgage searches remained flat in November 2023, but the uplift in volume of remortgage and buy to let searches meant that we’ve already surpassed 2022’s total mortgage search tally. November 2023 was the fourth month in a row that we saw an increase in Buy To Let mortgage search volumes.

“The end of November also saw the year’s high for mortgage product availability (18,625) as the Bank of England maintained the status quo around interest rates. Since the BoE’s decision on 2nd November, we have seen the market add 3.8% more mortgage products. In terms of mortgage products, we are now at 92.31% of the all-time highest number on the market. This is a marked improvement (39.63%) on the lows back on 4 July when we had considerably fewer products on the market (13,338).

“Finally, for those looking for mortgages, the average combined salaries have shot up during the course of this year and currently stand at an average of £75,330.43, 15.98% higher than a year ago (£64,947.10).”