Research from the Council for Licensed Conveyancers (CLC) reveals confidence in the housing market has fallen to its lowest level this year, which it says is triggered by uncertainty over the impending autumn budget.
Three quarters of respondents to the CLC’s quarterly survey, launched at the start of this year to monitor the mood of conveyancers, said people are putting off moving house until the chancellor’s plans are known, with less than half (42%) saying they were confident in current market stability – down from 64% the previous quarter and the lowest level since the tracker began.
Confidence amongst buyers has halved, conveyancers said, down from 38% to 17%, with a third were not confident and half neutral. Respondents said just 16% of sellers are confident in the market, with 38% not confident and 46% neutral.
The research also found that just 14% of those surveyed believed that the speed and efficiency of the conveyancing process was improving and not getting worse, with the majority either not confident (62%) or neutral (24%).
Around 80% of respondents said the average wait between an offer being accepted and completion was around three to four months – a figure which has remained constant across all surveys to date. Just 5% reported a shorter wait, compared to 16% who said transactions were taking five months or more.
With the government consulting on proposals for widespread reform to the homebuying and selling process, CLC director of strategy and external relations Stephen Ward (pictured) said the industry ‘is on the cusp’ of transformation by harnessing technology, significantly improving speed, certainty and security for everyone involved’.
He added:
“Whilst we understand people’s frustrations, and it is important that all voices are heard, it is vital that conveyancing practices continue engaging with the opportunities available so that, together, we can deliver significant improvements and develop a process that better meets the needs of consumers and supports a healthy housing market for the benefit of the nation as a whole.”
The CLC recently secured almost £750,000 in government funding to support a partnership with the Open Property Data Association (OPDA) and Raidiam, the innovators behind Open Banking.
The partners will develop what is expected to be the UK’s first framework for digitising property data and enabling the safe, secure sharing of information at the start of a transaction.
