"We are all experiencing some of the same frustrations around difficult communications, increasing amounts of administration and a desire for better technology, which is why we wholeheartedly welcome the Government's latest commitment to improving the home moving process"
- Simon Brown - Landmark Information Group
A major new cross-market report, released by Landmark Information Group, shows the growing administrative and regulatory burden, market challenges and the length of time it takes to complete a transaction to be the top frustrations shared by all property professionals this year.
The wide-ranging research spanned hundreds of estate agents, conveyancers, surveyors, and lenders, and highlighted a striking convergence of pain points for property professionals across the transaction chain, showing:
Economic headwinds have clearly affected the sector, with over 75% of all groups citing the current economic climate, interest rates and the cost of living as a leading business concern for the next year.
The ever-increasing regulatory and admin burden placed on property professionals appeared as a top five frustration for all four groups, with lenders ranking highest in this area, with 55% agreeing.
All groups spent over 20% of their working days chasing or being chased – with poor communication among stakeholders cited as a top five frustration for estate agents and conveyancers in particular.
Slower transaction times also ranked as a top three shared frustration for three of the four groups (37% of estate agents, 40% surveyors, 36% lenders.)
Confronted with these common challenges, the report - which also polled 500 home-movers – underscores how the rising bar of consumer expectations exacerbates these frustrations. Landmark’s latest research showed that the majority of consumers aspire to wrap up their home moves within an 8-week timeframe, a stark contrast to the current average transaction duration of 19 weeks.
The report highlighted remarkable consensus regarding the best solutions to addressing these challenges. Digitising workflows featured highly for three of the four groups, with surveyors (63%) and lenders (55%) ranking it as the leading factor that would have the biggest impact on productivity, and estate agents placing it third (41%.)
Similarly, all groups recognised the potential impact of technology on productivity, with over a third of estate agents (38%), conveyancers (39%) and lenders (30%) agreeing. Surveyors felt the strongest about the role better technology could play, with 61% saying it would have the biggest impact on productivity.
Simon Brown, CEO, Landmark Information Group says: “Our research has thrown into sharp focus the many shared challenges our sector is facing. It also reminds us that we’re all part of the same property ecosystem, and although our roles and areas of expertise are different, we share more areas of commonality than we perhaps thought.
"We are all experiencing some of the same frustrations around difficult communications, increasing amounts of administration and a desire for better technology, which is why we wholeheartedly welcome the Government's latest commitment to improving the home moving process.
"With investment in tech and data the industry can establish a collaborative solution to provide the speed and certainty the property professionals and consumers are so desperately craving.”