I’ve been delighted with the response to the government’s proposals to reform how we buy and sell homes. 

The proposals are radical and include a lot of things I’ve called for over the years.

We’re talking about more upfront information, using technology and e-signatures to speed paperwork between the different professions, and moving towards binding agreements at an earlier stage to give certainty to all parties and minimise frustrating fall throughs.

The response from agents I’ve heard from, in particular, has been positive.

I’m old enough to remember the arguments that followed the introduction of Home Information Packs almost 20 years ago. I believe today’s plans are much more thought out, and they’ve won backing from many agency leaders and major agency trade groups, too. 

But, inevitably, there have been a few dissenters, mostly outside the agency industry. 

They’re concerned that increased reliance on digitisation will diminish the importance and protocols of some of those disciplines involved in transactions, from lenders to surveyors, and council officers to conveyancers. 

Let’s hear what buyers and sellers say

I understand that, but what I can add to the debate – as someone who’s been dealing with buyers and sellers on an almost daily basis for many years – is that there’s a real desire from the public to have a quicker, safer and more approachable way of transacting.

It’s truly heartbreaking to see the disappointment of a buyer whose dream home seems to be snatched away from them at a late stage, especially if they cannot see the logic in how the current process works.

But don’t just take my word for it – in recent months alone, numerous studies have given the same message.

Santander’s Fixing The Broken Chain analysis over the winter showed 17% of transactions collapsed within the first month. And 43% of those who continued failed at or beyond the three-month stage. By that time, a lot of buyers and sellers had spent money and invested huge effort and emotion in deals which never saw the light of day.

And a Barclays study this spring showed no fewer than 88% of buyers and sellers saying they suffered delays in their deals. Some 29% had a property purchase fall through. More generally, those sales that continued took on average 21.7% longer than five years earlier. 

In June, an industry study by the Open Property Data Association found that 77.8% of people believe the buying and selling process needs reform – the sheer time it all takes was their biggest gripe, and deterred some from even coming to the market. 

Enough said – you get the point I’m making, I’m sure!

Steer clear of the blame game

There’s been a history of professional battle-lines being drawn around house buying reform, and by emphasising the public’s passion for change, I am absolutely not pointing the finger at any of the many elements of the transaction process.

The government proposals involve new ways of doing things for each profession, and that isn’t going to be easy. 

The blame game saps energy and helps no one, but the rewards for collaborative working and seeing the importance of what the consumer wants will pay dividends. 

With almost all agents not receiving fees until completion, and the same applies sometimes to other players in the process too, the quicker and smoother we can make deals, the better it’s going to be for the business as well.

There’s a growing cultural awareness and expectation in us all, too. 

In an era when we can transfer funds via an app, book a holiday online, and get tonight’s dinner ordered in seconds – well, the public is likely to expect the most up-to-date technology to be used when buying and selling too. 

It’s not a case of the personal contact from agents being replaced – that will never be done by an algorithm – but other parts of the process are ripe for more technology.

The players who show they’re contributing most to a secure and speedy sale are likely to be rewarded with word-of-mouth recommendations, the best reviews, and repeat business.

A final thought

I read in mid-June that one agency advised sellers that if they wanted to move into a new home by Christmas – over six months later – they should list their home straight away.

It’s sound enough advice, given the problems we have, but it reflects badly on our entire industry that we have to say it, just as we are preparing for early summer heatwaves!

We’ve now got a once-in-a-generation chance to modernise how we do things and put the consumer first. 

It’s a real business opportunity – are we up for it?

Phil Spencer is the founder of Move iQ. 

Move iQ now create bespoke video content for estate and letting agents sharing local insight and personally introduced by Phil – to secure your exclusive post-code, speak to Alex Wilson [email protected]