Remortgage activity picked up in the final quarter of 2025 as transactional instructions began to slow, new data released by conveybuddy has shown.

The conveyancing distributor reported that remortgage instructions accounted for 41% of all cases in Q4, with transactional instructions making up the remaining 59%, marking a 4% swing towards remortgage activity compared to Q3.

Quarter-on-quarter, transactional instructions were down 6%, while remortgage instructions increased by 7%.

conveybuddy suggested the transactional dip was a result of a combination factors, citing the usual seasonal slowdown in property sales, but more widely a significant hesitation in the market due to the Autumn Budget, with many buyers and movers delaying decisions while waiting for clarity on tax and housing policy.

The firm also said that once the Budget had passed and uncertainty in the mortgage market eased, signs of pent-up demand began to emerge during December which has also continued into January.

“Q4 was a sector dominated by the lead-up to the Budget with many potential market participants, understandably, adopting a wait and see approach,” commented CEO at conveybuddy, Harpal Singh. “This was particularly prevalent in the transaction space and that is clearly reflected in our Q4 statistics.

“That caution fed through into lower transactional volumes, but adviser activity on our platform remained strong. Brokers were still working cases, preparing clients, and positioning themselves to act once there was clarity.

“Once the Budget passed and the noise died down, we began to see pent-up demand coming through in December, and that momentum has continued into January.

Singh added: “Changes in the leading remortgage lenders are likely to reflect pricing and product shifts, and given the start to 2026, we might see further changes in Q1 as lenders are competing aggressively on price particularly in the remortgage space.”

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