Overall instruction levels increased 12% from June to July, and a further 4% from July to August. Purchase instructions were up 13% and 5% respectively and remortgage instructions up 9.5% and 3%.
The distributor puts the increase in instructions down to a number of ongoing developments including a much more active housing market because of Government initiatives such as the Help to Buy and Funding for Lending Schemes, plus the fact an increasing number of brokers continue to join and use the portal.
To celebrate its first year of trading Broker Conveyancing is extending its loyalty bonus for all users with each broker continuing to receive £25 for every case which completes.
Broker Conveyancing was launched in the summer of 2012 to meet the specific conveyancing needs of brokers and their clients. The proposition has a number of unique features including radical pricing, payment on exchange, an all-inclusive fee structure, ‘no completion – no legal fees charged’, and fall through protection on searches.
Harpal Singh, Managing Director of Broker Conveyancing, commented:
“We have been very pleased with the first year of the Broker Conveyancing brand given that back in the summer of 2012 the green shoots of a housing and mortgage market recovery were hard to distinguish. Since then we have not only benefited from an increase in transaction activity but more and more brokers are switching their business to us. This has become even more apparent in the past four to five months as levels of business have increased fairly dramatically. Dealing with our quality panel - conveyancers that have the resources and expertise - is clearly making all the difference to those clients who want to move, purchase or remortgage within a sensible timescale.
“As a relatively new proposition we continue to spread our message to the broker community, and it continues to hit home. Our 100% record is still intact for 2013. A new broker is switching to us and using the portal every single day. This is not something we could have envisaged just 12 months ago. Because of our success over the past year we have decided to extend our £25 loyalty bonus offer and therefore our existing and new users will continue to benefit from this income boost. As the mortgage market does improve it is important that brokers do not forget the diversification methods that have seen them through the dark times. Providing a full 360-degree service is an absolute necessity and should not be neglected simply because a few more mortgage cases are coming through the doors. Anyone who has been active in our sector over the past few years will know how quickly sentiment can shift and therefore we should make sure we have our bases covered and we are able to deliver on all our clients’ needs not just the mortgage itself.”
