Remortgage instructions were 16% higher in quarter one 2011 compared with the same period a year ago; purchase instructions for quarter one 2011 have shown a considerable 57% improvement compared to those back in the first quarter of 2010.
The firm puts the improvement in overall remortgage instructions partly down to increased overall activity in the remortgage market fuelled by continued speculation of a rise in Bank Base Rate sometime during the year, and also by the response it has had to its ‘Rapid Remortgage’ conveyancing product launched last year and still available to brokers now.
Purchase instructions have risen substantially over the course of the last 12 months mainly due to Conveyancing Alliance’s increased business levels through estate agents. Its’ recent ‘Convey99’ purchase conveyancing product, specifically for brokers, was launched in March and has already brought improved levels of purchase instructions.
Harpal Singh, Managing Director of Conveyancing Alliance Ltd, commented:
“It is pleasing to announce ongoing improvements to our levels of both remortgage and purchase instructions. A year is a long time in the housing and mortgage market and we can certainly see the difference in our numbers for quarter one this year compared to last.
"The remortgage market continues to show signs of improvement, and even with many economists now suggesting a Base Rate rise won’t come before August, we can still see that many borrowers are not waiting for an official rise in order to make their decision and refinance their loans.
“Our purchase instructions have grown considerably in number since a year ago and this has been mainly due to our focus on the estate agent sector and the increasing number of relationships we now have in this area.
"We are still 100% committed to the broker market and the launch of the ultra-competitive Convey99 product was designed to offer brokers and their clients access to a top of the range offering. Many more brokers are now registered with us to offer this product and we are starting to see an improvement in instructions.
"Based on April’s figures and anticipated levels for the next two months we fully expect further increases in both purchase and remortgage instructions in quarter two and throughout the rest of this year.”
