0

A survey conducted by challenger property portal OneDome has revealed that the lack of transaction speed is the biggest problem facing estate agents today.

In a recent survey issued to over 5,000 UK-based agents, OneDome asked respondents to rank the issues they face in completing property sales transactions.

A majority of 74% chose ‘lack of speed of the transaction’ as their most significant stumbling block. It is a clear message: this is the issue that estate agents need to be resolved, more than any other.

Mortgages for Business – MPU

In second place was ‘lack of control’. Over 40% of respondents chose this as the second most important problem they face – and with the number of parties involved in any home purchase, this is hardly surprising.

A more surprising result was the response regarding revenue generation.

Nearly half of all agents who responded said this was the least important area, when assessing priorities for improvement.

OneDome’s survey findings echo those of recent research commissioned by the Department of Business, Energy and Industrial Strategy (BIS/283).

This was a survey of recent homebuyers and sellers, conducted to obtain a detailed and measured understanding of the challenges that they face.

Over half of buyers (59%) and sellers (57%) found the process of buying and selling a home longer than they expected. Indeed, around one in four found it much longer than expected.

Furthermore, when expressly asked what could be improved in the homebuying process, the most common area identified was the speed of service. Some 34% of buyers and 31% of sellers chose this.

In recent months, the inefficiency of the homebuying process has become more obvious.The whole system has been close to collapse, due to rapid spikes in demand.

Transaction lead times have increased: from six weeks on average in the early 2000s, to 20-22 weeks on average in 2021.

While the world of commerce moves towards more efficient and quicker transactions, it seems that the property sector is moving in the opposite direction.

Below are the results of OneDome’ s survey in full. This ranks the most important challenges related to property transactions, according to estate agents surveyed:

Ranking Which are the most important issues that need resolving in property sales’ transactions?
#1 Lack of speed of the transaction
#2 Lack of control of the transaction
#3 Lack of visibility of transaction progress
#4 Poor consumer experience
#5 Not enough revenue from each transaction
SUBSCRIBE
Subscribe to our weekly newsletter
Stay informed with our leading property sector news, delivered free to your inbox. 
Subscribe
Your information will be used to subscribe you to our newsletter and send you relevant email communications. View our Privacy Policy
Property Notify
Property Notify is a leading property sector publisher reporting on breaking news and political changes affecting the UK property industry, in addition to finance, tax and investment coverage we provide a hub to explore, contribute, invest in and celebrate the property industry. - Read more.

    Twenty7Tec to Roll out Apply Integration with TSB

    Previous article

    North East Enjoys the Biggest Property Market Boost via The New-Build Sector

    Next article

    You may also like

    Comments

    Leave a reply

    Your email address will not be published. Required fields are marked *