Broker Conveyancing has seen a “strong uplift” in yearly instruction numbers.
Data found that in the first nine months of the year, the broker-focused conveyancing distributor saw an increase in total instruction levels received via the platform, up 13 per cent on the same time period in 2023.
Broker Conveyancing CEO, Mark Tosetti, said: “It’s very positive to announce that Broker Conveyancing has received a 13 per cent increase in total instructions over the first eight months of the year compared to the same period in 2023.
“Conveyancing is often a misunderstood area for borrowers and having a trusted adviser able to point them in the right direction, and deliver the specialist legal representation they require, is a huge tick in the box in terms of delivering a positive outcome.
“Our panel is one of specialist conveyancers who fully understand the requirements of this work and have the resource, experience and skills to ensure they deliver completion of the case in the required timescale.
“The growth of remortgage activity was perhaps always likely given the MPC’s decision, the renewed focus on refinancing, and the shift downwards in product rates we have seen in the last couple of months.”
However, Tosetti warned that, at the same time, brokers should not underestimate the income-generating opportunity that increased remortgage interest and demand delivers for advisers.
Additionally, Broker Conveyancing tracked its instruction split over the course of the last two months with sale and purchase accounting for 60 per cent of the total in July, and 40 per cent being remortgages.
Through August this transaction split began to shift more in favour of remortgage instructions which accounted for 44 per cent of the total, with sale and purchase down slightly at 56 per cent.
Broker Conveyancing attributed the growth in remortgaging instructions to increase in interest generated by the Bank of England’s Monetary Policy Committee’s decision to cut the bank base rate by 0.25 per cent at the start of August.
As a result, advisers had increased their advice levels in the remortgage conveyancing space, taking advantage of Broker Conveyancing’s cashback product.
Additionally, total user registrations with Broker Conveyancing have also seen a 3 per cent increase over the last 10 weeks, compared to the same period in 2023.
tom.dunstan@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
