Stonebridge reports bumper July
Both monthly completions by number of cases and value of mortgages for July show an increase of over 13% on June 2013 figures and a 71% and 84% respectively on the previous month.
Richard Adams, managing director of Stonebridge Group, said: “Our figures for Stonebridge Mortgage Solutions in the past few months have been steadily improving however July was by far and away our best month for both case numbers and mortgage value for many a year.”
Adams said that the success of 2013 compared to the previous two years is not just due to improving market conditions but business has been boosted by not charging monthly fees which has drawn more advisers to the network.
Year-to-date figures for 2013 showed a similar level of improvement over the past two years. The number of cases completed in 2013 is more than 55% up on the first seven months of 2012 and 79% up on the same timeframe in 2011.
The major improvement in both the number of cases completed and their mortgage value began in March this year and figures for July are close to a doubling of those recorded in January.
Stonebridge puts the improvement down to a number of factors notably an increase in the number of advisers within the business and an improvement in advisers’ productivity.
Adams added: “This is clearly positive news for the business and we anticipate our figures for the rest of 2013 will show a continued upward progression. Looking at our past performance over 2011 and 2012 we can see our best completion months tend to be towards the end of the year in particular the lead-up to Christmas as purchasers and movers want to be in their new homes before the holiday season gets underway.
“We therefore expect a strong showing throughout the rest of 2013 and believe there is much to be positive about over the coming months.”