Compared to September’s figures, the total number of transaction instructions in October – comprised of both sales and purchases - increased by 13%, with remortgage instructions increasing by 6% over the same period. Total instructions for October were 11% up on the previous month.
The split between transaction and remortgage business continued to widen, albeit slightly, with remortgage instructions now accounting for 31% of business in October, compared to 33% in the previous month.
Broker Conveyancing said this continued growth in overall instruction levels was primarily down to an increase in the number of new brokers using the distributor each month.
Broker registrations passed the 1,200-mark in October for 2014 as a whole, and now on average 15 new brokers use the system for the first time every week. In October the number of new broker users increased by 35% on September’s figures.
Harpal Singh, Managing Director of Broker Conveyancing, commented:
“Once again with the housing market it is so often a case of feast and famine. Prior to the introduction of the Mortgage Market Review we had the feast however since then it has been more famine-like with mortgages much more difficult to come by and tightened affordability and criteria constraints having an inevitable impact. Within this environment it is therefore very pleasing to see an ongoing rise in our instruction numbers from broker users, with more than two-thirds being for transactional business. While our remortgage numbers have remained relatively stable - around a third of overall business levels - it is quite clear to see there has been no great increase in remortgage activity for the past few months and we do not expect this to change anytime soon.
“The increase in business activity for us is predominantly down to the number of new brokers using our system. During September and October, Broker Conveyancing was particularly active at both Expo shows and by showing the strength of our proposition to broker attendees we have continued to increase both registrations and use of the system. We remain focused on supporting the broker community and showing them how they can develop a potentially lucrative income stream by offering a conveyancing advice service which is easy to use and requires a minimum of effort. Our focus for the rest of the year is to continue establishing strong broker relationships and we have a growing support team in place to do just that.”
