Broker Conveyancing, the broker-focused conveyancing distributer, has reported a strong uplift in yearly instruction numbers.
This was coupled with a monthly shift in its sales and purchase or remortgage split.
During the first nine months of 2024, the firm saw a 13% increase in total instruction levels received on the platform.
The split in sales and purchase remortgage instructions shifted in recent months, with sales and purchases making up 60% of total instructions in July and remortgages at 40%.
In August, remortgages increased to 44%, while sales and purchases decreased to 56%.
Broker Conveyancing said the growth in remortgage instructions was due to the increase in interest generated by Bank of England’s Monetary Policy Committee’s decision to cut the Base Rate by 0.25% at the start of August, along with further cuts to mortgage rates which spurred interest among borrowers looking to refinance.
This led advisers to increase their advice levels in the remortgage space, leveraging Broker Conveyancing’s cashback product, which offers clients their own representation through a panel of specialist conveyancers.
Total user registrations with Broker Conveyancing also saw a 3% increase over the last 10 weeks compared to the same time frame in 2023.
Mark Tosetti, chief executive officer of Broker Conveyancing, said: “It’s very positive to announce that Broker Conveyancing has received a 13% increase in total instructions over the first eight months of the year compared to the same period in 2023, and we have generated an increase in user registrations over the past 10 weeks.
“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 and ensuring the case can complete as quickly as possible. Plus, its ability to generate recommendations and referrals from satisfied clients.”
Tosetti noted that their panel includes specialist conveyancers who understand the requirements and have the experience to ensure cases are completed on time.
“The growth of remortgage activity was perhaps always likely given the MPC’s decision, the renewed focus on refinancing, and the shift downward in product rates we have seen in the last couple of months.
“With firms seeking to add additional revenue streams, conveyancing should be a non-negotiable in terms of the overall advice service proposition.
“At Broker Conveyancing we make it as easy as possible to be active in this space, to work with leading conveyancers and to earn from every single instruction.
“We would urge advisers who are either not involved or who are not getting the most out of their current conveyancing partners, to contact us to see how we can help them make the most of this opportunity.”
