Instruction figures up 31% say Broker Conveyancing
Date online: 08/02/2017
Sale and purchase conveyancing instruction levels received via its platform during 2016 were 19% up on 2015, while remortgage instructions increased by a significant 56%. Total instructions were 31% up year-on-year.
Broker Conveyancing has also tracked its instruction levels across the second half of 2016 compared to the pre-Brexit referendum vote in the first six months of the year.
Sale and purchase instructions for H2 were 17% up on the first six months, while remortgages were 41% up. Total instructions were up 27% compared to the same period.
Remortgage activity continued to grow strongly during the course of 2016 and, for Broker Conveyancing, there was a much more even split between remortgage and sale/purchase instructions over the course of the year.
In 2015, the total split was 60% sale and purchase/40% remortgage, however in 2016, the total split was more even at 53% sale and purchase and 47% remortgage.
Total user numbers were also up by 32% in 2016 compared to the previous year and Broker Conveyancing puts this down to the edge over competitors it believes its proposition has in terms of pricing and service.
Broker Conveyancing is confident its instruction and user levels will continue to grow during 2017.
Harpal Singh, Managing Director of Broker Conveyancing, commented: “It’s obviously been a very strong year for us in terms of both growth in our instruction levels and the number of broker users that continue to gravitate towards our proposition. A 31% increase in total instructions and a 32% increase in users shows that we’ve seen similar growth levels across the board.
Interestingly, while many anticipated a considerable drop in activity after the EU referendum in June last year, we continued to see increases in activity with a 17% uplift in purchase instructions and a 41% increase in remortgage activity in the second half of the year. Compared to our competitors’ recent announcements this is particularly pleasing as we did not see any drop-off in activity during a period when others were experiencing a marked lull.
For some time, we’ve seen our user numbers continue to grow and 2016 was no different – our focus has always been on simplicity, and we believe we have a clear edge on other propositions in terms of our pricing, the firms on our panel, and the service we’re able to offer advisers and their clients. This remains our focus and, while some appear worried about their prospects in 2017, we are confident in the marketplace and our proposition. We also believe that more and more advisers and brokers are seeing the value for them, and their clients, in providing advice on conveyancing, and they are drawn to our offering because it can consistently deliver for them and ensure they add a considerable string to their advice bow.
We expect more of the same in 2017 and beyond and will be working with all stakeholders and our existing and new users to make sure they get the most out of their conveyancing offerings.”