"November’s slowdown reflects borrowers taking a cautious stance ahead of the Budget,"
- Nathan Reilly - Twenty7tec
Twenty7tec’s latest figures indicate that November brought a clear pause in borrower activity as households and landlords waited for Budget clarity before making new decisions. Total mortgage searches reached 1,405,878, falling 14.64% compared with October and 3.81% against last year.
Purchase activity led the slowdown. Residential searches fell to 1,167,382, a 14.64% monthly decline and 2.91% lower year on year. Non–first–time buyer residential purchase searches dropped 17.01% compared with October and 13.77% against the same month in 2023.
First-time buyer activity also weakened. Searches fell 10.69% month on month and 11.83% year on year. Volumes have moved from 365,255 in May to 265,605 in November, a 27.29% decline that reflects increasing concerns around affordability and wider economic pressures. The continued fall highlights how sensitive this group is to changing policy signals and rising costs.
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Buy-to-let activity saw an even sharper retreat. Total buy-to-let searches fell 13.47% month on month and 8.01% year on year. Buy-to-let purchase searches fell to 80,268, the lowest figure recorded this financial year.
This is 14.54% below the financial year average of 93,927 and 13.29% lower than the same period last year. October’s stability in remortgage activity did not continue, as buy-to-let remortgage searches slipped 12.52% month on month and 5.08% year on year. The data suggests that many landlords prioritised refinancing existing properties rather than expanding portfolios.
Remortgaging remained the most resilient part of the market. Residential remortgage searches reached 533,653, falling 12.52% month on month but rising 12.51% year on year. Total remortgage searches stood at 691,861, down 14.51% month on month but 7.93% higher than last year. The year-on-year rise reflects the steady flow of borrowers reaching the end of fixed terms and looking for stability during the winter months.
Product availability also reached a milestone. The market recorded 29,200 products on 20 November, the highest number ever listed on the platform. This increase in choice contrasts with the slowdown in search activity, indicating that lenders continue to compete actively even while borrowers take a more cautious approach.
Taken together, the figures show that borrowers largely paused purchase decisions ahead of the Budget, while those approaching product expiries continued to refinance. The pattern is consistent across residential and buy-to-let segments, with purchases dropping well below financial year averages and remortgaging carrying much of the market’s momentum.
“November’s slowdown reflects borrowers taking a cautious stance ahead of the Budget,” said Nathan Reilly, 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."
“This is also a moment when CRM use really matters. Clients who paused their search will reappear quickly once they feel more certain, and advisers who have maintained warm, well-timed contact will be best placed to support them. Good CRM tools help advisers track intent, reach out at the right moment and stay visible to clients who may soon be ready to move again. In a stop–start market, those touchpoints can make a real difference to outcomes.”
