ULS Technology says sales benefiting from buoyant housing market

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Conveyancing platform ULS Technology said it was benefiting from a buoyant housing market that helped it meet first-quarter sales targets.

Revenue and gross margin for the three months through June were in line with expectations at £5.2 million and £2.1 million, respectively, the company said in an AGM trading update.

'The company continues benefit from a buoyant housing market, with trading during the first quarter further reflecting the rapid pick up experienced during the second half of the previous financial year,' it said.

'As expected, instructions and completions through eConveyancer have increased by 58% and 43% respectively compared to the first quarter of the 2021 financial year, which was severely impacted by the onset of Covid-19.'

Looking forward, ULS said instructions were expected to moderate during the Summer, coinciding with holiday season and the end of stamp duty holiday.

'However, this is expected to be short-lived with improved conditions in Autumn, reflecting an increase in remortgages as fixed deal periods come to an end and several lenders are now providing sub 1% products,' it added.

'The company is in a strong position to capitalise on this expected increase through its Rapid Remo product.'