Broker Conveyancing transactions increase
Remortgage instructions, which increased by 6% compared to the month before, accounted for 31% of business in October compared to 33% the previous month.
Harpal Singh, managing director of Broker Conveyancing, said: “Once again with the housing market it is so often a case of feast and famine.
“Prior to the introduction of the Mortgage Market Review we had the feast however since then it has been more famine-like with mortgages much more difficult to come by and tightened affordability and criteria constraints having an inevitable impact.
“Within this environment it is therefore very pleasing to see an ongoing rise in our instruction numbers from broker users, with more than two-thirds being for transactional business.
“While our remortgage numbers have remained relatively stable – around a third of overall business levels – it is quite clear to see there has been no great increase in remortgage activity for the past few months and we do not expect this to change anytime soon.”
Registrations with Broker Conveyancing have now passed the 1,200 mark, as 15 new brokers use the system on average every week.
In October the number of new broker users increased by 35% compared to September.
Singh added: “We remain focused on supporting the broker community and showing them how they can develop a potentially lucrative income stream by offering a conveyancing advice service which is easy to use and requires a minimum of effort.
“Our focus for the rest of the year is to continue establishing strong broker relationships and we have a growing support team in place to do just that.”