A senior industry figure has called for upfront information changes to move faster to boost market confidence amid the cost of living crisis.
Bryan Mansell, founder of proptech firm Gazeal, suggested the impact of rising bills could start to slow the property market for the first time since it reopened after the pandemic as prospective buyers and sellers think twice about whether they want to move.
He said more upfront information can help prevent sales from collapsing, which could become more important if buyers and sellers are nervous about their finances.
Mansell said: “At the moment, the market remains relatively buoyant, and demand is continuing to outstrip supply, but we have started to see the first signs of the effects inflation and rising interest rates are having on the market.
“Nobody can afford to get complacent and expect the business to keep coming in forever.”
He said both buyers and sellers should be more transparent about their financial position and property details at the outset to build trust.
Mansell added: “The first phase of the property listings changes has now nearly been completed, with agents and portals working together to provide more material upfront information, and the second and third phases will be following later.
“The momentum behind these changes is now there and something we need to build on.”
He also suggested that reservation agreements, offered by Gazeal and other providers, could offer more security in a nervous market.
Mansell said: “The progress on upfront information is very welcome, and shows it can be done if the public, political and industry will is there, but we still need to go further and faster, and explore a wider range of options to keep more sales on the right path.”