Remortgage Instructions Continue To Grow

Rightmove released data this week which showed that estate agents had managed to agree no fewer than 40,000 sales in the last four weeks.

With new home sales, comes the task of looking and applying for mortgages, although part of this step is already undertaken first. As such LMS, the conveyancing solutions provider has published it’s remortgage market performance which covers the last four weeks.

Remortgage instructions

Instructions for new mortgages in June 2020 are 6% higher than that of the previous year (June 2019).

Month on month, instruction volumes are also 7.3% higher in the first week of June than in the first week of May.

So, where new instructions are concerned, this area continues to demonstrate that the property market is continuing its Covid-19 recovery.

Remortgage completions

Weekly data has demonstrated that it is typical for completion volumes to spike in the first week of each month and June has proven to be no different.

However, completion volumes are down 30.2% compared to volumes in the first week of May.

Nick Chadbourne, CEO of LMS, comments:

“The first week of June marks another consistent week of healthy instruction volumes. We are seeing a continued return towards stability in this area, with a consistent increase in new cases coming onto the books. It is particularly promising to note that when making year on year comparisons between June 2019 and June 2020, we are seeing increased volumes at present.”

Today's Conveyancer