The house buying process takes 36 days longer than buyers expect it to, according to new research from the Open Property Data Association (OPDA). Almost half of those questioned said conveyancers are the primary cause of delays.
On average, people expected the exchanging of contracts to take 88 days after an offer was accepted. But when asked ‘How long did it actually take to exchange contracts once your offer was accepted?”, the average answer was 124 days – 41% longer than expected.
When asked what they thought delayed the process, 44.3% cited property lawyers and conveyancers, 28.8% believed the delays were caused by estate agents, 17.3% placed the blame on mortgage lenders, and 14.9% said the issues were with valuers or surveyors.
Respondents said the lack of clear, timely communication is a significant barrier to the property transaction process, with 40.61% citing ‘communications between parties’ as the most challenging aspect, and 39.47% saying ‘chasing for updates’ exacerbates the process and leads to uncertainty and frustration.
The repetition inherent in document collection was a major issue for those surveyed, with 62.3% saying they were asked to provide the same information or documents two to three times. ‘This not only delays progress but also increases the risk of errors, misalignment of information between parties, and increased potential of data breaches,’ OPDA said.
The insights – collected by OPDA from 5336 people living in the UK who had bought or sold a house in the past five years – varied by age group and region. Older consumers were more likely to feel blame lies with the legal professionals, with younger buyers tending to hold estate agents responsible.
Maria Harris, chair at OPDA, said of the research:
“It’s shocking that exchanging contracts still takes 40 per cent longer than expected, especially given that those expectations aren’t exactly high. The problem is that the home-buying process is stuck in the past. Embracing digitisation will allow us to modernise and enhance this established process, making it more efficient, seamless and aligned with the needs of the 21st century. Our vision and purpose align with the government’s objectives, and now is the perfect time to come together and drive digital transformation of the property sector.”
The time it took to exchange contracts versus the time expected was slight different in Scotland to England and Wales: in the former, the expected time was 74 days and the actual time was 106, with the latter at 126 days instead of the expected 88.
Phil Spencer, property expert and founder of property advice website Move iQ, commented:
“Everyone knows the old saying about moving home being one of life’s most stressful experiences. But the reason it’s so stress-inducing isn’t just the cost; it’s more likely to be the uncertainty and delays that often plague the process.
“This research reveals that many of us also underestimate just how long it can take to buy a home. The process is crying out for modernisation, and better transparency and digitalisation could shave weeks off the time taken to complete a purchase, making life better for buyers, sellers and property professionals.”
The research follows last month’s announcement from the Ministry of Housing, Communities, and Local Government (MHCLG) that it wants to modernise the property transaction process and recognises the need for digitalisation and secure data sharing.
OPDA is calling for the introduction of digital property packs to help the industry’s transition to digital processes. ‘Digital property packs provide a secure, comprehensive, and instantly accessible view of essential property details and enable buyers and sellers to access critical information upfront, streamlining transactions, reducing fall-through rates, and enhancing trust in the process’, the organisation said.
According to the OPDA’s polling, 82 per cent of consumers believe Digital Property Packs are a good idea, with 77 per cent stating they would use one if available.
OPDA chair Harris added:
“Our research shows that consumers are not only open to digital property packs but are actively calling for them. With the Government’s commitment to digitisation, now is the time to push forward with the solutions and new customer journeys to make this vision a reality – it’s the best way to ensure buyers and sellers have the information they need at their fingertips.”
OPDA is urging policymakers, regulators, and the industry itself to embrace a digital future and to implement seamless, transparent, and consumer-first property data sharing.
One Response
Communication is absolutely abysmal between Conveyancers. I quite like to pick up the phone and talk to Conveyancers about a file and problems and try and resolve issues rather than emailing back and forward. It is extremely noticeable how many Conveyancers don’t want to talk don’t engage and even when they actually pick up the phone they say at the end of the call can you put it in an email. I am coming across countless files where buyers conveyancers are reporting at the last possible moment; searches, replies to enquiries, contract report etc…The delay in signing is shocking. Then we find out at the last possible moment a buyer wants a survey because their searches/conveyancer recommended it or the buyer has a load of questions. Worse still, I had a file a few months ago, 4 months of very hard work and the buyer pulled out because they didn’t like the rent charge. They were only told about that at the last minute. The chain was fuming, I was fuming. I do agree with the article (though I do not agree that Conveyancers are the only source of delay) and I agree that communication in our industry is disgraceful.