The market dip witnessed in the last quarter of 2004 was as a consequence of three main factors: the effect of previous interest rate rises; the traditional season slowdown; and the onset of mortgage regulation from November. e.surv believes that this last element was by far the biggest influence on volumes of business.
Richard Sexton, Head of Business Development at e.surv said: “Lenders took some time to get their systems right, and as a consequence overall lending levels were lower.”
As e.surv had predicted, recovery in volumes began in late January, and this has continued steadily through to date with overall volumes now in excess of those seen at the same time last year, although the proportion of remortgage work is greater.
Sexton said: “With the possibility of more interest rate rises receding, and e.surv’s partner clients taking a bullish stance regarding the remainder of 2005, we are confident in projecting our best year yet. A key indicator is that after a period of stable valuer and consultant numbers, we are once again considering actively recruiting in order to service the growth in instructions. We predict activity will be further accelerated by announcements of several new contracts in the coming weeks.”
