The top concern
There is undoubtedly a sense of uncertainty in the market. Recent data from our parent company, Landmark Information Group, revealed that for house sellers the average time from instruction to completion now takes 87% longer than in 2007, from 85 days to 159 days in 2023. Meanwhile, there is a similar picture when it comes to house purchases, the average time from instruction to completion now takes 64% longer than in 2007, from 75 days to 123 days in 2023.
In our latest market research, we spoke to 500 home movers who have bought or sold a property in England, Scotland or Wales in the past two years and it’s no surprise to hear that the top concern amongst them was the time it took to complete. They voiced that the current ideal timeline from offer accepted to completion is an average of eight weeks. A contrast to the current reality of nearly five months for selling and four months for purchasing.
Communication is key
Over half (52%) of respondents voiced concerns that better communication between parties – estate agents, lenders, and conveyancers – would have significantly improved their experience.
Perhaps an indication that the technological advancements available in nearly all other areas of consumerism that provide visibility and instantaneous communication, is becoming more widely expected when buying or selling a property.
Climate concerns
Climate consciousness plays a significant part in the younger movers’ considerations.
Almost three-quarters of the under 35’s (73%), were very concerned about the evolving effect of climate change and 41% are actively taking measures to make their current home more energy efficient.
But it was not just the future many of our 500 home movers were concerned about, 68%, said recent climate events, such as heatwaves or flash flooding, have impacted the way they think about climate-related risks and how they affect their home.
Having insight into the expectations, experiences and needs of home movers as a conveyancer, estate agent or lender can give a great competitive advantage. Not only that, as an industry that relies heavily on reputation and word of mouth recommendations, great customer service is as vital as ever.
Read our latest market research: Residential property transactions: Home movers views to discover home movers recent experiences, their expectations moving forward and their concerns for the future.
This article was submitted to be published by searchflow as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
