Conveybuddy has unveiled some dazzling figures for Q3, showing a vibrant uptick in the conveyancing world. Remortgage instructions have soared by 19% compared to Q2, while sales and purchase instructions have enjoyed an 8% lift. Overall, the combined figures for these activities have jumped by 12% quarter-on-quarter. Survey instructions also joined the party with a 13% rise.
What’s behind this surge, you ask? Well, September saw a remortgage frenzy as borrowers and advisers scrambled to adjust to mortgage product withdrawals and pricing tweaks. Conveybuddy's All-Inclusive Remortgage product was a star performer, with a 61% month-on-month spike in September, bringing activity close to the March highs.
Nationwide was the lender of choice, offering tempting perks like free legal fees or £500 cashback, nabbing 25% of All-Inclusive Remortgage instructions. Barclays, Santander, and NatWest followed closely behind.
The conveybuddy platform itself is on the up, with a 10% increase in adviser usage since Q2. Harpal Singh, CEO at conveybuddy, is all smiles, noting the resilience of the sale and purchase market alongside the remortgage boom. He highlights the growing recognition among advisers of the value in providing conveyancing advice, not just for better client outcomes but also for expanding their service offerings and income streams.
In short, Q3 has been a whirlwind of activity, and it seems the conveyancing market is not just surviving but thriving. Cheers to more growth and success on the horizon!
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