Remortgage instructions in the first week of June were 6 per cent higher than the average weekly instruction volumes in June 2019, LMS reveals.

The conveyancing services provider says that month on month, instruction volumes were also 7.3 per cent higher in the first week of June than in the first week of May.

Instruction volumes increased by 6.7 per cent from the final week of May to the first week of June.

LMS says June completion volumes have reduced 30.2 per cent from those recorded in the first week of May, which it says is likely to be linked to seasonal ERC expiries, as June is historically a quieter month.

The trend of rising cancellations continued, with volumes increasing in the first week of June, with higher levels than for the same period in May (up 45.8 per cent), and when compared with the average weekly number for June 2019 (up 92 per cent).

LMS says old and inactive cases are being cleared by legal teams as firms settle into COVID-19 working, and this is likely to be behind this increase.

LMS chief executive Nick Chadbourne says: “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.

“Increasing cancellations volumes are cause for quiet concern and something we will continue to monitor as the month continues. Rising levels could be caused by offers from Q4 2019 expiring and firms clearing out aged cases at the beginning of the month. Moreover, as the COVID-19 crisis continues and borrowers’ circumstances continue to change and new deals enter the market, previously attractive offers may become unappealing. This could be having a knock-on effect as borrowers look to change deals and ensure they are getting the best available product at that time.”