Broker Conveyancing instructions up 30pc

Sarah Davidson

July 14, 2014

Purchase instructions rose by 32%, while remortgage business improved by 25%.

House purchase lending increased by 9% in volume and value in May compared to April according to the Council of Mortgage Lenders, although remortgage lending was down 18% month-on-month.

Harpal Singh, managing director of broker conveyancing, said: “It is pleasing to see that, even with the housing and mortgage markets cooling down in recent months, our total instruction levels continue to improve.

“Purchase business continues to dominate and looking towards the rest of the year one would expect this trend to continue.

“We will be honest and say we anticipated remortgage activity would be more buoyant but, as can be seen from the most recent CML statistics, it has tailed off in the past few months.

“This may be down to a combination of reasons with borrowers perhaps waiting to see what rates might do, plus some repricing and a slight pullback from this business area by a number of lenders.”

Broker Conveyancing has experienced a 53% quarter-on-quarter increase in registrations, with 10 brokers using the system for the first time every week.

Singh added: “It is clear that our 25% growth in remortgage transactions is due to our growing distribution rather than the market.

“Certainly our ambition is to continue to grow the number of brokers actively recommending conveyancing services to their clients.

“This is very important when mortgage activity looks like it is plateauing and we fully expect more and more advisers to therefore look at the opportunities within the conveyancing sector and, if they are not already providing recommendations to clients, to begin to do so.

“There are also a large number of advisers moving to us because of the more competitive pricing we offer, the solicitor firms we have on panel and the simple fact that they can earn more income with us than with other distributors.”

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