The market has slowed down for second-steppers, as homeowners hold out in the hope of securing better rate deals.
This is the latest update from leading adviser tech firm Twenty7tec, which has just released its June mortgage report.
Remortgage searches dropped by nearly 10% during the month, falling to 645,446 – down by 71,080 compared to May (716,526) – marking one of the sharpest monthly falls in remortgage activity in 2025 so far.
“Despite the recent Bank of England announcement that interest rates would be held rather than raised, we are witnessing a quiet yet growing confidence that rates will continue to fall this year,” explains Nathan Reilly, director at Twenty7tec.
“We’ve seen months of high remortgage activity, but now people are holding back. There’s undoubtedly a significant portion waiting to commit – potentially influenced by increasing media coverage, with predicted autumn rate cuts encouraging a ‘wait and see’ approach.”
In addition to remortgaging, the data revealed that June saw:
1,730,872 total mortgage searches – up 11.75% (234,601) compared to June 2024 (1,496,271), but down by 7.78% (146,096) from May (1,876,968)
329,998 first-time buyer searches – down 9.7% (35,257) since May (365,255), but still up +14.5% (41,424) on June 2024 (288,574)
Residential purchase searches (non-first-time buyers) – fell to 471,800, down 7.83% (40,059) from May (511,859), and 1.62% (7,753) lower than June 2024 (479,553)
Buy-to-let purchase searches – 96,280 in June, down 5.34% (5,430) on June 2024 (101,710), but very slightly up month-on-month by 0.04% searches (37%)
Nathan continues: “The market has slowed down slightly, but overall activity is significantly healthier than last year. First-time buyer interest remains high, and we are noticing people leaning towards shorter-term fixes – all pointing to some optimism that interest rates may drop next year.
“Will they be rewarded? Or are we heading for disappointment? Only time will tell – but what’s clear is that borrowers are watching the market more closely than ever.
For advisers there’s an opportunity to double down on proactive engagement, ensuring every lead is nurtured efficiently as summer brings softer demand.”
