The housing market may not be experiencing a slowdown after all, according to market data from conveyancing distributor Conveybuddy.

Analysis of instruction volumes received by Conveybuddy across the first 10 working days of April, May and June shows purchase/transactional instructions have continued to increase throughout the quarter, rising by 37%.

June figures show a 15% increase on May and a 37% increase compared to April.

At the same time, June remortgage activity remains below April levels, with Conveybuddy suggesting this reflects a market still adjusting after the significant spike in activity seen during March.

At this point brokers moved quickly to secure deals for existing borrowers ahead of lender product withdrawals and pricing changes fuelled by the war in Iran.

Remortgage instructions in the first 10 days of May were down 12% on April, while June has recovered slightly, up 6% on May, but still down 7% on April.

The new data however does show showed continued growth in survey activity, with instructions in May up 12% on April, and instructions in June up 33% on May and 49% on April.

Conveybuddy said the figures point towards a market where purchase activity remains resilient despite ongoing economic uncertainty, while remortgage volumes have normalised following the unusually high levels of activity seen earlier in the year, particularly through March.

Conveybuddy chief executive Harpal Singh said: “Over the last few weeks there has been a lot of commentary suggesting the purchase 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 10 days of the last there months and June has been particularly strong. If anything, the figures suggest the purchase market is proving more resilient than many people might think.

“We continue to see buyers entering the market, transactions progressing and advisers helping clients move home. The underlying drivers of housing activity have not disappeared and, from our perspective, the purchase market remains far more robust than some of the headlines would suggest.”