House Purchase on Rise

House purchase activities have slightly increased during the second quarter of the year, according to the figures released by Conveyancing Alliance, the online conveyancing distributer.

There was 21% increase in the number of completions during the second quarter of this year.

No increase has seen in remortgaging since the last 18 months although it is likely to rise in future as many of the borrowers are still on standard variable rates.

“The year-on-year increases are notable and show the significant uplift in purchase business that has occurred in the last twelve months, “said Harpal Singh, Managing Director of Conveyancing Alliance.

“Many borrowers prefer to stick to their current Standard Variable Rate (SVR)when the rate is more than 2% over BBR.Some are still on SVRs at 4 or 5% above BBR and therefore advisors should urge them for remortgages,” Mr. Singh explained. He further told that remortgages would be on rise over the next twelve months with the expected corresponding increase in BBR.

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