Conveyancing Alliance Ltd has reported a 33% increase in purchase instructions for the second quarter of the year compared to the first, which equates to a 53% year-on-year increase from Q2 2009.
The online conveyancing distributor also said purchase completions for the second quarter of 2010 were 21% up on the previous three months, delivering a 47% increase on the same period a year ago.
Remortgage activity in quarter two for both instructions and completions has remained broadly the same continuing at the low level it has been at for the past 18 months. However Conveyancing Alliance says it does expect remortgage activity to rise as more borrowers find themselves on increasingly uncompetitive standard variable rates (SVRs) it believes those borrowers will look for better rates and products particularly given that many lenders are raising SVRs without a corresponding increase in Bank Base Rate (BBR). It also anticipates a significant increase in remortgaging as and when the Monetary Policy Committee raises BBR.
<a href="https://dev.bestadvice.co.uk/story.php?id=18894">Conveyancing Alliance recently launched its ‘Rapid Remortgage’ offering</a> priced at £120 plus VAT it also announced up to a 25% reduction in the cost of purchase conveyancing fees which now start at £229 plus VAT whereas the previous cheapest fee was £310 plus VAT.
Harpal Singh, managing director of Conveyancing Alliance Ltd, said: “We are particularly pleased to see both our purchase instruction and completion figures continuing to rise throughout last year and into 2010. The year-on-year increases are notable and show the significant uplift in purchase business that has occurred in the last 12 months.