First-time buyer mortgage searches decreased by 10.44% in January compared to the same period last year, Twenty7tec’s latest data reveals.
While searches were down on the year prior, January 2025 was the busiest month for FTBs since February 2024.
On a monthly basis, mortgage searches were up 91.44% on the prior month from 152,994 in December 2024 to 292,890 in January.
January was recorded as the sixth busiest month ever for mortgage search activity by FTBs and was the tenth highest month as a proportion of the total mortgage search market.
Last month, Twenty7tec says it created 109,551 European Standardised Information Sheet (ESIS) documents for FTBs, the fourth highest month on record.
FTBs also represented 25% of the total ESIS documents created in January, the highest proportion of the market since the company started reporting.
Elsewhere, data found that FTBs represented 51.40% of the 90-100% mortgages market in January, which represents the highest proportion ever in that market.
Twenty7tec director Nathan Reilly says: “The year is off to a great start for FTBs, with mortgage searches up 91.44% on the prior month, making January the busiest month since February 2023 and the sixth-busiest month ever for FTBs mortgage search activity.”
“Despite this, it’s important to note that although the month-on-month reporting is positive, mortgage searches by FTBs are still 10.44% down year-on-year compared to January 2023, reflecting ongoing affordability challenges and shifting market conditions. In other words, it’s good, but it has been better.”
“However there’s still some cause for celebration, with FTBs creating a record month for market share in January, accounting for 25% of all ESIS documents created – the highest proportion since reporting began.”
“Additionally, in the high-LTV, 90-100% mortgage market, FTBs made up 51.40% of activity, the highest share ever recorded on our systems. January 2025 saw 109,551 ESIS documents created for FTBs – the fourth-highest month on record.”
