Early signs of strong August approvals
Victoria Mortimer, head of QCAS, the conveyancing division of Leeds corporate law firm Shulmans LLP, said: “Normally transactions are low in August due to holidays but we’ve got more work on than ever compared with the same time in previous years.
“As a national, large scale conveyancer we are well-placed to spot emerging trends and there’s no doubt about this one. People are getting their finances sorted before the end of the year.”
Mortimer said QCAS had seen transactions rise over the past 12 months with the firm handling over £3bn worth of deals.
She said: “We believe this is due to a combination of factors: there are some great deals out there at the momen; loan-to-value ratio constraints have been relaxed; and Bank of England governor Mark Carney has said that a decision around a rate rise would come into sharper relief around the turn of the year.”
Mortimer warned that Carney’s so-called forward guidance would encourage lenders to pull their lower interest rate products soon and would also reduce the period over which rates can be fixed.
Indeed earlier this week TSB pushed its mortgage rates up 0.15% across a limited range of remortgages for homeowners who have a lower loan-to-value ratio on their home.