Purchase and remortgage instructions on the up

The last quarter of 2013 continued the trend for increased purchased and remortgage instructions, the latest figures from Broker Conveyancing have revealed.

And the broker-focused conveyancing distributor said it is expecting further purchasing activity in January.

Harpal Singh, managing director of Broker Conveyancing, said: “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.”

More than one new broker a day used the system for the first time during the three-month period.

There was a clear market shift towards purchases throughout the year, meaning they now account for two-thirds of all instructions. Total instructions were up 42% on the previous quarter.

Singh added: “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.”

Broker Conveyancing said brokers welcomed competitive pricing, the £25 loyalty bonus available and the fact that users are paid on exchange rather than completion.