Twenty7tec issues December 2022 UK mortgage market findings
Leading fintech firm, Twenty7tec, has announced the results of its December 2022 mortgage market findings.
Key findings from publication:
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- Mortgage searches:
- December 2022 purchase mortgage searches were down 40.8% on the prior month.
- December 2022 purchase mortgage searches were down 12.8% on the same period last year.
- December 2022 remortgage searches were down 35.3% on the prior month.
- December 2022 remortgage searches were up 10.9% on the same period last year.
- Total mortgage searches in December 2022 were down 38.3% on the prior month.
- Total mortgage searches in December 2022 were down 2.8% on the same period last year.
- Total First-Time Buyer mortgage searches were down 38.1% on the prior month.
- The average property valuation for purchases (£334,511) was up 0.2% on the prior month.
- The average loan required (£231,415) was up 0.6% on the prior month
- Total searches for fixed products were half the volume of October 2022.
- Green mortgage search volumes have continued to falter.
- ESIS documents:
- For the third month in a row, remortgage ESIS documents produced outnumbered purchase ESIS documents, but the gap is narrowing.
- Buy To Let:
- The volumes of Buy To Let business continued with weekly averages well down compared to annual averages.
- Products:
- The month ended with over 13,457 products and variants available, up 4.6% compared to the end of the prior month.
- Mortgage searches:
James Tucker, founder and CEO of Twenty7tec, said:
“December’s performance was down on the prior month, but broadly in line with what we’d expect from most Decembers over the past few years.
“The next 12 months are going to be full of challenges for advisers and lenders as the move to satisfy customers in challenging economic conditions.
“We’ll be here to support them in making great decisions and offering the best advice possible, every time.”
The full report can be viewed here.
Kindly shared by Twenty7tec
Main photo courtesy of Pixabay
