Figures for Q1 2010 show a significant 23% increase in purchase instructions up from Q1 last year, with a notable 17% increase on the last quarter of 2009. Purchase completions for the first quarter of 2010 are 60% greater than the corresponding quarter in 2009.
By comparison remortgage activity has remained stagnant over the course of the year with instructions and completions remaining low but stable throughout the year. The firm has however seen a slight increase in remortgage instructions over the last couple of quarters, with completions almost identical for the same period.
With the market now having entered the traditional ‘Spring bounce’, Conveyancing Alliance expects to see a continued improvement in both purchase and remortgage activity throughout quarter two and into the second half of 2010.
To capitalise on both the purchase and remortgage business increase, and to also allow larger adviser firms more control over the conveyancing instructions of their sales force, Conveyancing Alliance continues to actively create bespoke white-label solutions for individual businesses.
Harpal Singh, managing director of Conveyancing Alliance Ltd, commented: “It is obviously pleasing to see a continued increase in both our purchase transactions and completions over the course of the last year with the first quarter of this year showing particularly strong instructions which should translate into stronger completion results in this current quarter. However, remortgage activity, both instructions and completions, have barely changed over the course of the last year and we still appear to be bumping along the bottom of the market, for example, our remortgage instruction numbers have been almost identical for the last three quarters. Having said this, our expectations for remortgaging in the rest of the year, particularly the second half, are generally positive given that we seem to be operating in an increasingly stable housing market, albeit in an economy that has yet to be taken off the life support machine.”
