New home? No thanks. Britain’s buyers are choosing to stay put

Britain’s movers are hitting the brakes, opting to refinance instead of climbing the property ladder, according to new figures from Twenty7tec.

With the cost of moving soaring and first-time buyers getting onto the ladder later than ever, the latest data from the leading mortgage tech firm shows remortgaging figures are almost level with those buying a new home.

In July, these numbers hit a staggering high, with advisers handling 885,774 remortgage searches compared with 938,060 purchase searches – meaning the ratio of remortgage searches to purchase was 94% of purchase volumes, up from 75.4% in the same month last year.

It’s a far cry from 2021, when remortgaging accounted for just 56% of purchase volumes, likely due in part to the COVID-19 pandemic. Fast-forward to 2025, and remortgage cases have already reached 5.96 million halfway through the year – putting advisers on track for one of the busiest years for refinancing in recent history.

Nathan Reilly, Director at Twenty7tec, explains:

“Rising costs, rate uncertainty and stretched affordability are all reshaping homeowner behaviour – and the data shows it. Homeowners are increasingly choosing to stay put and refinance rather than take on the financial and logistical challenges of moving.

“Many are opting to reinvest in their current property instead. Higher mortgage rates have also made upsizing harder, particularly for those who locked in ultra-low deals just a few years ago.

“On top of that, with many buyers getting onto the property ladder later in life, their focus is often on securing rate certainty, reducing monthly payments, or releasing equity – not moving up the ladder at speed.”

The data also revealed that:

• July 2025 saw the smallest ever gap between purchase and remortgage searches - just 52,000 cases apart.
• The remortgage-to-purchase ratio has risen for three consecutive years.

Remortgage searches are up 290,000 on 2021 levels — and that’s with five months of 2025 still to go.

Nathan added: “The remortgage market is on the up, and advisers need to take note. They need to be maximising opportunities by speaking to their clients much earlier in the mortgage cycle, utilising their CRM systems to their full potential, not just building on client relationships but supercharging them.

“For lenders, making product switching quick and frictionless is vital – and that means working closely with advisers to ensure the right data flows seamlessly. In a market where more people are staying put, the winners will be those who use data intelligently to keep the customers they’ve already won."

Published: 15 August 2025