Broker Conveyancing have announced they’ve received 33% more sale instructions in the first two months of 2016 compared with 2015.
Purchase and remortgage instructions are also up for the same period by 62%. Total instructions increased by 43%.
However despite the supposed rush on buy-to-let purchases, Broker Conveyancing say they haven’t seen anything unusual. Last year it made up 21% of all purchases in January and February, with a slight increase this year to 24% – an increase but not a particularly large one.
Month to month, total instructions were up 27% from January to February, which included a 44% increase in sale instructions, 25% for purchase instructions and remortgage instructions up 27%,
Harpal Singh, Managing Director of Broker Conveyancing, said: “There’s no doubting that activity has risen considerably during the first two months of the year and this is having a considerable impact on conveyancing firms with a great deal of pressure being placed on them to complete transactions pre-stamp duty deadline. As expected, in the past few weeks especially, we have seen conveyancing firms looking at resources and prioritising certain cases because of the artificial deadline that has been set which has skewed the marketplace.
“While it is buy-to-let purchases leading these developments, it’s also the case that other purchases within those chains have been dragged into this and with the pre-Easter rush already in full effect we are seeing a considerable amount of ebb and flow in the market.
“While our instructions continue to grow across sale, purchase and remortgage it is important for brokers who have clients with time-sensitive needs to ensure they are fully aware of which conveyancing firms are in a position to meet those needs. Plus, of course, where the case is more specialist – for example, limited company buy-to-let – it’s important to know which conveyancers have the skills, resource and experience to deal with these cases. If brokers are in any doubt about which conveyancing firms to recommend, they should contact Broker Conveyancing and we can provide a steer in order to give their clients the best chance of meeting those deadlines or securing a firm which can cater to their needs.
“In this type of marketplace, the price for such a service should not really figure – this is not a market where the cheapest is necessarily the best – and we would urge brokers to carry out their homework and use Broker Conveyancing to choose a firm that can best meet their needs, rather than simply offering the cheapest option.”
