conveybuddy's Q2 statistics suggest the purchase/sale transaction market has grown in strength while remortgage activity has returned to more normal levels following the spike seen in March.
The latest quarterly figures show purchase transactions increased as a proportion of overall instructions during Q2, accounting for 63% of all cases, compared to 57% in Q1.
At the same time, remortgage instructions returned to more typical levels - 37% - after the surge in activity seen in Q1 this year (43%), when advisers were acting quickly in March to secure deals ahead of lender product withdrawals and pricing changes.
The figures support conveybuddy's market analysis published last month, which challenged suggestions that the transaction market was experiencing a significant slowdown.
Harpal Singh, CEO at conveybuddy, said: “When we published a market update in early June, we suggested some of the commentary around a slowing purchase/sale transaction market was missing the bigger picture. Much of what we felt was going on was more about remortgage activity returning to normal levels following the exceptional surge we experienced in March, rather than a collapse in transactions. These full Q2 figures appear to support that assessment.
“What is particularly encouraging is that transaction activity has improved throughout the quarter and has grown as a proportion of our overall instructions. People are still buying and selling property, advisers are continuing to support those clients and transactions are progressing through the system.
“Our continued growth in the number of advisers using conveybuddy also tells its own story. Advisers are looking for more than simply a conveyancing quote. They want transparency around fees, confidence in the firms they recommend, better communication throughout the transaction and technology that provides real-time visibility of case progress.
“As the market settles into a new rhythm, those factors become increasingly important in helping advisers deliver the conveyancing service their clients expect, and ensuring they retain their central place within the whole process.”
