Purchase demand slows in November while remortgage activity proves more resilient
Mortgage search activity fell in November as many borrowers and landlords delayed decisions in the run-up to the Autumn Budget, according to the latest figures from mortgage tech provider Twenty7tec.
Total searches across the market dropped to 1,405,878, down 14.64% on October and 3.81% lower than in the same month last year. The decline was driven mainly by purchase business.
Residential mortgage searches fell to 1,167,382 in November, also 14.64% lower month on month and 2.91% below last year. Within this, residential purchase searches from non–first-time buyers dropped 17.01% compared with October and were 13.77% down year on year.
First-time buyer activity also weakened. November searches in this segment fell 10.69% on the month and 11.83% compared with a year earlier. Volumes have declined from 365,255 in May to 265,605 in November, a 27.29% reduction over the period, pointing to affordability pressures and sensitivity to economic and policy signals among new entrants to the market.
Buy-to-let demand saw a sharper pullback. Overall buy-to-let searches were 13.47% lower than in October and 8.01% down on the year. Buy-to-let purchase searches fell to 80,268 in November, the lowest level recorded so far this financial year. That figure is 14.54% below the financial year-to-date average of 93,927 and 13.29% lower than in the same month last year.
After holding up in October, buy-to-let remortgage searches fell back in November, down 12.52% month on month and 5.08% year on year, indicating that landlords were prioritising management of existing borrowing over new acquisitions.
Remortgaging remained the strongest part of the market in annual terms. Residential remortgage searches reached 533,653 in November. While this represented a 12.52% fall compared with October, volumes were 12.51% higher than in November last year.
Across all sectors, remortgage searches totalled 691,861, 14.51% lower on the month but 7.93% up year on year. The trend reflects a steady flow of borrowers reaching the end of fixed rate deals and seeking payment stability over the winter period.
Product choice continued to expand despite the slowdown in search volumes. On Nov. 20, Twenty7tec recorded 29,200 products on its platform, the highest number it has ever listed. The increase in availability contrasts with weaker enquiry levels, suggesting that lenders remained active in competing for business even as many customers waited for greater clarity.
Taken together, the figures indicate that purchase decisions were pushed back ahead of the Budget, while refinancing needs continued to support overall volumes. The pattern is visible across both residential and buy-to-let markets, with purchase activity running below financial year averages and remortgaging providing much of the current momentum.
“November’s slowdown reflects borrowers taking a cautious stance ahead of the Budget,” said Nathan Reilly (pictured right), commercial director at Twenty7tec. “Many chose to wait for clarity before committing to new purchases, which pushed activity below financial year averages. Remortgaging remained strong year on year as people focused on payment stability.
“Advisers now have an important role in helping clients understand their options as confidence settles and decisions resume. Record product availability at 29,200 shows strong lender appetite, giving advisers more room to shape options for clients once confidence picks up.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
