The final week of May finished strongly, with volumes 13.3 per cent higher than in the final week of April reflecting the gradual easing of lockdown restrictions.
Remortgage completion volumes continued to improve in May, putting the full month’s activity just 10 per cent lower that of the pre-pandemic market in February.
Month-on-month, the activity tracker showed that May finished with completion volumes 15.5 per cent higher than April.
The proportion of cancellations continued to reduce for the third consecutive week.
The final week in May saw a reduction of 35.3 per cent in cancellations from the previous week as borrowers’ confidence grew.
Despite cancellations decreasing towards the end of the month, the high volumes seen at the start of May have led to overall monthly cancellations from April to May increasing by 16.8 per cent.
Overall, the cancellation rate in May 2020 was 7.38 per cent, which is 3 per cent higher than the rate in same period during May 2019.
Nick Chadbourne (pictured), chief executive of LMS, said: “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 forward 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.”