According to CAL, remortgage instructions were 16% higher in quarter one 2011 compared with the same period a year ago. It also found that purchase instructions for quarter one 2011 have shown a considerable 57% improvement compared to 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.
Commenting, Harpal Singh, managing director of Conveyancing Alliance Ltd, said: “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.”
