Almost four in five consumers say the house buying system needs fundamental reform, according to a survey conducted shortly before proposals were put forward by the government.
Research involving over 5,000 people who have bought or sold a property in the past five years reveals widespread frustration with delays, poor communication and duplicated requests for information, alongside overwhelming support for digital reform.
The study – by the Open Property Data Association – found that 77.8% of respondents believe the homebuying and selling process in England and Wales requires fundamental reform, while 85% are confident it will improve over the next five years.
The report found:
- 43% said chasing updates and waiting for responses slowed transactions down
- 30% said the time taken to exchange contracts was the most challenging aspect of moving
- Nearly two-thirds (64%) had to provide the same information two or three times
- Almost one in five (18%) had to provide the same information four or five times
- More than half (58%) had experienced a transaction falling through after an offer had been accepted, losing an average of three months in the process
- One in ten transactions took more than six months to complete
Maria Harris, OPDA chair, says: “Consumers are telling us loud and clear that the current homebuying process is no longer fit for purpose. Despite advances in technology transforming almost every aspect of our lives, buying and selling a home remains slow, fragmented and unnecessarily stressful.
“What’s particularly striking is that people aren’t just frustrated – they know what the solution looks like.
“Support for digital property packs is overwhelming and confidence in sharing information digitally continues to grow. Consumers want a system that provides upfront information, reduces duplication and gives them greater transparency and certainty throughout the transaction.
“The industry has made significant progress in developing the standards, trust frameworks and technology needed to support a modern property market. The Data (Use and Access) Act and the Government’s Smart Data ambitions provide a once-in-a-generation opportunity to transform the home moving process.
“The question is no longer whether reform is needed, but how quickly it can be delivered. Government must maintain the momentum behind digital transformation and work with industry to create a faster, more transparent and more resilient housing market that works better for everyone.”
