What's driving this increase?
Broker Conveyancing has reported a 13% rise in instruction levels for the first nine months of 2024 compared to the same period in 2023.
The conveyancing distributor also noted a shift in the proportion of sale and purchase versus remortgage instructions during the past two months.
In July, sale and purchase instructions made up 60% of the total, while remortgages accounted for 40%. By August, remortgage instructions increased to 44%, with sale and purchase falling slightly to 56%.
The distributor attributed the uptick in remortgage activity to the Bank of England’s Monetary Policy Committee’s decision to cut the bank base rate by 25 basis points in early August. This rate cut, combined with reduced mortgage product rates, drove increased demand for refinancing options among existing borrowers.
Broker Conveyancing also reported a 3% rise in total user registrations over the last 10 weeks, compared to the same period in 2023. The company provides brokers access to a panel of conveyancing firms, offering clients both sale and purchase as well as remortgage conveyancing services.
Mark Tosetti (pictured), chief executive officer of Broker Conveyancing, said the increase in instructions and registrations reflects growing interest in the remortgage market and the distributor’s ability to support brokers with tailored conveyancing solutions.
He also noted that rising remortgage activity presents advisers with income-generating opportunities, not only in conveyancing but in reviewing clients’ overall finances.
“With firms seeking to add additional revenue streams, conveyancing should be a non-negotiable in terms of the overall advice service proposition,” Tosetti said. “We would urge advisers who are either not involved, or who are not getting the most out of their current conveyancing partners, to contact us to see how we can help them make the most of this opportunity.”
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