Agents have been warned they are likely to require PropTech assistance to cope with a surge in transactions expected this year.
The stamp duty holiday extension until the end of September and the pandemic vaccine roll out heightening confidence in the interim, are both being cited as reasons for optimism that this year’s housing market will be even busier than 2020.
But the chief executive of Moveable, Simon Bath, says with Rightmove showing record visits and Savills predicting transaction totals to soar to 1.4m in 2021, there’s understandable concern about conveyancing bottlenecks and the sector’s ability to cope with pressure.
“Government interventions and market conditions have created a perfect storm in terms of buyer demand. Combining this with the fact that buying a house is traditionally a long and complicated process, we could see many waiting months for completion with demand exceeding the sector’s bandwidth for delivery” he says.
"The pandemic has inspired a step-up for digital transformation that is now mandatory for success; no longer an aspiration to work towards. Sectors such as property that are reliant on physical interaction must adapt at lightening speed to survive.
“This means the competition between service providers who crop up along the purchase to completion chain is arguably skewed by those who already had their digital ducks in a row.
"One of the ways to mitigate this effect is to make sure you stay ahead of each step and instruct the best you can find in conveyancing and moving.”