A recent report has shed light on the pressing concerns surrounding communication within the housing sector.
Conducted by the Landmark Information Group, the research sought input from various property professionals, including agents, conveyancers, lenders, and surveyors, to pinpoint their shared frustrations.
The findings revealed that all groups dedicated more than 20% of their working days to chasing or being pursued, with estate agents experiencing an even more staggering 44% of their time consumed by this activity. A notable challenge identified was poor communication among stakeholders, causing delays, particularly for estate agents and conveyancers.
What’s more, the report underscored that slower transaction times ranked among the top three frustrations for 37% of agents. The average duration from instruction to completion now stands at 19 weeks, a 77% increase compared to 2007. Consumer aspirations contrasted sharply, with a Landmark survey of 500 consumers indicating that most aim to complete their home moves within an 8-week timeframe.
Chain issues emerged as a predominant cause of delays, according to more than half of the surveyed agents. Additionally, an ever-growing regulatory and administrative burden placed on property professionals emerged as a top-five frustration for all four groups.
The research also unveiled that 60% of estate agents struggled with compliance, especially intricate anti-money laundering (AML) rules and regulations. Furthermore, just under three-quarters reported having a consistent risk management process across their businesses – a decrease from 81% the previous year. When delving deeper into the impact of regulations, 56% of agents expressed challenges in keeping up to date with the latest AML, fraud, and cyber-security updates. 58% mentioned their inability to afford recruiting staff with AML, fraud, or cybersecurity skills, marking an increase from 53% in 2022. Simon Brown, chief executive of Landmark Information Group, said:
“Our research has thrown into sharp focus the many shared challenges our sector is facing. It also reminds us that we’re all part of the same property ecosystem, and although our roles and areas of expertise are different, we share more areas of commonality than we perhaps thought.
We are all experiencing some of the same frustrations around difficult communications, increasing amounts of administration and a desire for better technology, which is why we wholeheartedly welcome the Government’s latest commitment to improving the home moving process. With investment in tech and data the industry can establish a collaborative solution to provide the speed and certainty the property professionals and consumers are so desperately craving.”
