Homebuying Reform Can’t Wait

Government reforms to the home buying process are a step in the right direction, but action needs to be taken now to rebuild the sector so it is fit for the future 

The dust is beginning to settle on what has been a momentous week for the UK’s residential property market. The government’s proposed reforms to the homebuying process have sparked significant reaction from within the industry and beyond. Not to be outdone, the Conservative Party has announced its own ambitious plans to abolish stamp duty on primary residences, pouring additional fuel onto the national debate. 

We’ve been saying for a long time that the UK home buying process is broken. 

According to Santander, there are over half a million failed housing transactions each year in England and Wales. This is simply unacceptable – especially when you consider the armoury of tools designed to digitise and streamline the process that already exist.  

A streamlined onboarding process, front-loaded material information for prospective buyers, and a fast-tracked conveyancing experience; at iamproperty we are providing all these solutions and more for our 6,500+ estate agency branch partners up and down the country.  

Based on our proprietary data, we know that estate agents and end consumers are crying out for a home moving process that is less stressful, less complicated and characterised by higher levels of speed, security and transparency. A Legal & General study found that 57% or people rank moving home as more stressful than getting divorced or having children. Our own research earlier this year found that over 90% of property buyers and sellers value the other party’s commitment to the sale above all else, with 90% prioritising sale certainty. 

That’s why we cautiously welcome the Government’s proposals and will do all we can to help them drive the right type of change that the UK residential property market so desperately needs.  

But this cannot be a generational project. If we are to create a property market that works for all parties, the government needs to move quickly and embrace a more pragmatic approach. We cannot return to 200+ day completion times.  

Since 2010, the UK has had 12 different Secretaries of State with cabinet-level responsibility for housing. This revolving-door of leaders has created an atmosphere of political uncertainty, damaging industry confidence and making meaningful reforms more difficult.  

We hope this latest announcement doesn’t prove to be yet another false dawn. We must unleash the power of technology to shake up a decrepit, paper-based system and accept that alternative selling methods, such as online auction, are a key part of the solution.  

More and more buyers and sellers are turning to auction as a faster, more reliable way to beat the delays associated with the traditional homebuying route. If we are prepared to integrate the tools and solutions that come as standard with the modern online auction method, into the broader property market, we stand a much better chance of succeeding as an industry in delivering on the government’s ambitions, building a process that works for all. 

Ben and Jamie