Total mortgage searches fell by 14.6% month-on-month in November, following a "clear pause" in borrower behaviour, Twenty7tec has found.

The firm said the slowdown came as households and landlords waited for clarity around the Autumn Budget before making new commitments.

Month-on-month, residential mortgage searches also saw a decline of 14.6%, while non-buyer residential purchase searches dropped by 17% month-on-month and 13.7% year-on-year.

Activity in the first-time buyer sector slipped by 10.69% between October and November, with Twenty7tec stating that a 27.2% decline in the number of first-time buyer searches reflects growing caution around affordability and the wider economic picture.

However, the firm stated that remortgaging was the most resilient part of the market. Although residential remortgage searches fell by 12.5% month-on-month, this figure increased by 12.5% in the year to November.

Furthermore, a record 29,200 products were listed on the market in November, which Twenty7tec said contrasts the slowdown in searches and shows that lenders are still competing actively despite borrowers taking a more cautious approach.

Commercial director at Twenty7tec, Nathan Reilly, said: "November’s slowdown reflects borrowers taking a cautious stance ahead of the Budget. Many chose to wait for clarity before committing to new purchases, which pushed activity below financial year averages.

"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."

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