In a claim that is supported by information coming from Land Registry enact have issued a statement claiming 20% market share of the remortgage market (see below) and a doubling of that share during the year. This press release will no doubt generate a mixture of emotions from others in the sector who have not been able to retain the market share that they once had or by others looking at the market and wondering how quickly it may consolidate.
Please let us have your views and comments about how you believe the market will develop over the coming months and years?
Press Release :
ENACT DIRECT LEGAL SOLUTIONS BUCKS TREND ON REMORTGAGE LEVELS
Conveyancing specialist, enact Direct Legal Solutions, is bucking the trend for remortgages. Transactions in September 2010 were up 41% on 2009, despite recent industry-wide statistics from the Council of Mortgage Lenders’ (CML) which reveal a 10-year low for remortgages as a proportion of total loans (25% in August).
enact is now the UK’s leading conveyancing and remortgage specialist, completing more transactions per month than any other firm, and with a remortgage market share of 20% so far in 2010.
The positive trend looks set to continue with enact’s transaction levels likely to represent over 25% of the market when the CML publish their September figures.
Justin McChesney, managing director of enact, said: “Our performance in 2010 is a massive achievement, particularly given that market conditions have been even tougher than during 2009. There has been a lower volume of remortgaging in the UK every month so far this year compared with 2009. However, we have secured a number of new clients and doubled our market share. Lenders like the fact we are part of a very well capitalised group, the level of security of our systems, our excellent customer service and our competitive rates.”