Broker Conveyancing has reported a significant rise in quarterly completion levels for both purchases and remortgages for Q3 2015.
The total number of purchase completions in Q2 were up by 36%, while remortgage completions improved by 22%. Total completions were up by 31% over the same period.
The firm says the increase in remortgage completions shows an ongoing improvement in this part of the market after a number of years when remortgage activity was at comparatively low levels compared to purchases.
Overall instruction levels also performed strongly with identical levels in both Q2 and Q3 this year across both purchase and remortgage business.
Broker Conveyancing believes the fact there was no seasonal summer dip means that the rest of the year should produce stronger figures for both instructions and completions with pipeline business for the last three months of the year remaining strong.
Increases in the number of new users and growing use of the portal from existing users continues to drive these improved figures for Broker Conveyancing. New users – those placing their very first instructions – have continued to run at over two a day for the past year and a half.
Harpal Singh (pictured), managing director of Broker Conveyancing, said: “Our statistical focus is normally on the instruction levels for both purchase and remortgage, however we believe it is crucial to see how these instructions eventually translate into the completion ‘end product’. To that end, it is very heartening to show ongoing growth for both purchase and remortgage completions, especially as (for the most part) advisers will be paid their conveyancing fees on completion.
“For Broker Conveyancing this is different however as our users are paid on exchange, providing income much earlier in the process. Our completion levels across the board have improved from quarter two to three and our expectations are that we will see further rises in activity during the last months of the year.
“It has already been an incredibly positive year for the business as more advisers recognise the conveyancing advice option as one worth pursuing, especially when there is a simple and easy-to-use portal like ours to take them quickly through the process. Adviser use and registrations continue to rise and we are looking forward to a strong end of year.”
