The November 2022 UK mortgage market findings from Twenty7tec have revealed that November 2022 purchase mortgage searches were down 9.2% on the prior month, while remortgage searches were down 17.1% on the prior month. 

The average property valuation for purchases (£333,951) was down 1.4% on the prior month, while the average loan required (£230,128) was down 1.3% on the prior month. However, November was still the ninth-busiest month ever for total mortgage searches (October and September were the two busiest ever months). 

James Tucker, founder and CEO of Twenty7Tec said: “Our mission is to remove the wrinkles from the adviser/customer process, to make it as frictionless as possible. Have we succeeded? Well, in 2020, advisers performed on average 5.18 mortgage searches per ESIS document they created. By 2021, this dropped to 4.02 searches per ESIS document and in 2022, despite the varying rates and greater market uncertainty, this dropped again to 4.00 searches per document.”