PEXA’s UK remortgage market share declines in three months to March
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The news: PEXA group’s remortgage market share in the UK declined in the three months to the end of March 2026 by five points to 22%, but remained in line with the share it had in the previous corresponding period.
The numbers: Remortgage volumes through the Optima platform increased by 10% in the third quarter to 10,900 when compared to the previous comparable period while remortgages through the Smoove platform lifted 13% to 7,000.
Sale and purchase volumes through the Smoove platform fell 14% to 4,400.
However, remortgage instruction volumes — the legal process to initiate a remortgage — increased by 58% on the Optima platform to 24,100 and by 14% on the Smoove platform to 11,300. Sale and purchase instruction volumes increased 2% to 8,300.
The context: PEXA said the increase in remortgage instruction volumes was driven by customers looking to lock in new fixed rates ahead of expected interest rate rises, with many of the remortgages expected to complete in the first quarter of FY27.
PEXA’s translation volumes in Australia across all processes lifted by 7.3% to 935,000 compared to the previous comparable quarter. The group expects to deliver group core net profit after tax at the top end of its guidance range of between $15 million and $25 million. All other guidance was reiterated.
The company continues to engage with a pricing review undertaken by regulator IPART. The first draft report is due in June 2026.
What they said: “We delivered strong performance in the third quarter of FY26 across both Australia and the UK. In Australia, property transaction volumes remained resilient, growing 7% versus the prior year despite market uncertainty and rising interest rates,” PEXA CEO and managing director Russell Cohen said.
The source: ASX
