Remortgage instruction volumes grew 8.1 per cent from April to May, shows new data from LMS.

The conveyancing solutions provider adds that in the final week of May, this metric was in fact 13.3 per cent higher than in the preceding week a month before.

Added to this, completion volumes grew 15.5 per cent over the month, approaching pre-Covid levels, according to LMS.

Instructions in the remortgage pipeline also fell, this time by 4.8 per cent. LMS adds that overall pipeline numbers on 31 May were down 12.7 per cent on the same day in 2019.

Remortgage cancellation numbers show a growing confidence in the borrowing market, LMS says. In the final week of May, there were 35.3 per cent fewer cancellations that the week before. However, overall cancellations from April to May were up 16.8 per cent.

LMS chief executive Nick Chadbourne comments: “Despite improving borrower confidence and signs of market improvement, Covid-19’s effect on the market is still prominent… it’s clear the market remains turbulent in line with the wider economic environment.

“However, technological advancements and industry collaboration have supported the market and enabled the range of available products to continue to expand. Borrowers have taken advantage of greater availability, which has had a knock-on effect on reducing the pipeline backlog as instructions continue to increase, cancellations decrease, and completions become more efficient.

“Looking to June, the steady pipeline activity we have seen throughout May indicates a gradual return to normality, as instructions and completions rose, while the case backlog continued to clear.”