According to market data from transport distributor Conveybuddy, the housing market may not experience a slowdown after all.
Analysis of the instruction volumes received by Conveybuddy during the first ten business days of April, May and June shows that the number of purchase/transaction instructions continued to increase throughout the quarter, up 37%.
Figures for June show an increase of 15% compared to May and an increase of 37% compared to April.
At the same time, mortgage refinancing activity in June remains below April levels, with Conveybuddy suggesting this reflects a market that is still adjusting following the significant spike in activity seen in March.
At this point, brokers moved quickly to secure deals for existing borrowers, ahead of the withdrawal of lenders’ products and price changes due to the Iran war.
Refinancing instructions in the first ten days of May were 12% lower than in April, while June has recovered slightly, 6% higher than in May, but still 7% lower than in April.
However, the new data does show that survey activity is continuing, with May instructions up 12% over April, and June instructions up 33% over May and 49% higher than April.
Conveybuddy said the figures point to a market where purchasing activity nevertheless remains resilient continued economic uncertaintywhile refinancing volumes have normalized following unusually high activity levels earlier this year, especially in March.
Conveybuddy CEO Harpal Singh said: “There has been a lot of commentary in recent weeks suggesting that the procurement market is struggling, but that is not what we are seeing from our own instruction data coming through the Conveybuddy platform.
“Our transactional activity has increased in each of the first ten days of the last few months and June has been particularly strong. If anything, the figures suggest that the purchasing market is proving to be more resilient than many people would think.
“We continue to see buyers entering the market, transactions progressing and advisors helping clients move. The underlying drivers of housing activity have not disappeared and from our perspective the purchasing market remains much more robust than some headlines suggest.”