Compared to the previous three months, quarter four 2013 showed purchase instructions increasing by 44%, with remortgage instructions improving by 39%. In quarter one 2013 the split between total remortgage and purchase instruction business was almost equal; however there was a clear market shift towards purchases throughout the year and they now account for two-thirds of all instructions. Total instructions were up 42% on the previous quarter.
The distributor says that January has continued where quarter four 2013 left off and it anticipates a further increase in purchase activity fuelled by the momentum provided to the first-time buyer/high LTV market by Help to Buy and increasing numbers of buy-to-let transactions. It also anticipates that a far more competitive remortgage market will mean the number of these instructions will also grow.
Broker Conveyancing puts its improved figures down to a number of factors particularly the number of new brokers using the distributor in the last three months of the year. Statistically more than one new broker a day used the system for the first time during the three-month period.
Broker Conveyancing says feedback from brokers about the proposition focuses on the competitive pricing, the £25 loyalty bonus available per case, and the fact users are paid on exchange rather than having to wait until completion.
Harpal Singh, Managing Director of Broker Conveyancing, commented:
“2014 has certainly kicked off where 2013 left off, which means far greater number of purchase instructions being placed with us, but also a concerted upturn in the remortgage market as well. There’s no doubt that we are currently benefiting from an upturn in the wider property and mortgage markets but we are also seeing far greater numbers of brokers using the system and this is clearly filtering into the increased activity. Our aim as always is to ensure that we are catering for brokers needs in terms of pricing and payment incentives, but it is also vitally important we ensure there is enough capacity on our panel so that service does not suffer. This is why we have recently added a number of new solicitor firms to our panel and will continue to do so in order to support the growing activity we are receiving. As more brokers realise the benefits of providing conveyancing recommendations to their clients, and as the market continues to improve, we fully anticipate an improved year for both Broker Conveyancing and our users.”
