The first week of June saw a 6% year-on-year increase in remortgage instruction volumes, according to the latest data from LMS.
Mont -on-month instruction volumes were also 7.3% higher in the first week of June than in the first week of May.
Instruction volumes increased by 6.7% from the final week of May to the first week of June. For the last three weeks instruction volumes have remained steady, with less than a 10% variation between volumes.
However the recent trend of rising cancellations has continued with volumes increasing in the first week of June, with higher levels than for the same period in May (up 45.8%), and when compared with the average weekly number for June 2019 (up 92%).
Cancellations in June so far are also 38.9% higher than the average weekly volume across all weeks in May.
Nick Chadbourne, CEO of LMS, said: “The first week of June marks another consistent week of healthy instruction volumes.
“We are seeing a continued return towards stability in this area, with a consistent increase in new cases coming onto the books.
“It is particularly promising to note that when making year on year comparisons between June 2019 and June 2020, we are seeing increased volumes at present.
“Increasing cancellations volumes are cause for quiet concern and something we will continue to monitor as the month continues.
“Rising levels could be caused by offers from Q4 2019 expiring and firms clearing out aged cases at the beginning of the month.
“Moreover, as the COVID-19 crisis continues and borrowers’ circumstances continue to change and new deals enter the market, previously attractive offers may become unappealing.
“This could be having a knock-on effect as borrowers look to change deals and ensure they are getting the best available product at that time.”