The property market in focus: Can we overcome transaction delays and meet housing targets?
Landmark Information: The property market in focus – can we overcome transaction delays and meet housing targets?
Click here to watch the on-demand video!
Our most recent webinar, which aired live on Thursday 12th September, aimed to tackle several pressing questions in the property industry. The session explored the current state of the market following the recent general election, discussed strategies for streamlining property transactions, and evaluated whether the Government’s goal of building 1.5 million homes over the next five years is attainable.
Could the participants find common ground? In this blog, we revisit just a few of the memorable takeaways during the session. You can also watch the webinar on-demand here.
Chaired by Mike Holden, Divisional Director of Growth, Landmark Information Group, the participants were:
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- Derek Burt – Home Operations Director, Lloyds Banking Group
- Ross D’Aniello – Co-founder, Chartwell Noble Estate Agency
- Julie Makin – Conveyancing Manager, Holden Smith Law
Promising developments
To kick off the session, Mike Holden shared our latest transaction data. While listings have increased throughout 2024, he noted a ‘subdued’ pipeline as transactions have struggled to advance.
Despite these challenges, the panel identified some positive developments. Derek Burt observed that from a lender perspective, despite recent market volatility, modest increases in house prices are expected to continue.
He emphasised that the base rate would be crucial in improving mortgage rates and affordability. Julie Makin, echoed this optimism, mentioning that more stable conveyancing volumes have returned over the past 8-10 weeks.
Ross D’Aniello, noted that from an estate agents’ point of view the market is growing. According to the Federation of Independent Agents, new instructions up about 10% – of which 82% are fresh instructions. However, fall-through rates have also risen to around 7%, highlighting the uncertainty that has been felt across the sector.
Improving transactions
Mike Holden revealed that, according to Landmark data, all milestones in the transaction process have lengthened since 2007, except for search turnaround times.
To address these delays, Julie Makin suggested that increasing responsibilities for conveyancers could be mitigated by thorough preparation from day one. She recommended that agents and brokers, who often have significant contact with home movers upfront, play a crucial role in informing clients about the documentation that will be needed.
Derek Burt proposed returning to basic hygiene practices, such as promptly completing and checking documentation, to minimise unnecessary delays. He also stressed the need for innovation to streamline the whole process.
Julie Makin identified the key issue of sourcing funds as a major bottleneck, suggesting that if clients are informed in advance about the need for repeated documentation, transactions could progress more smoothly. She also noted that establishing the most efficient communication methods with buyers is essential for improving transaction efficiency and enhancing customer service.
Technology vs. humans
The panel delved into how best technology could enhance transaction efficiency. They agreed that while technology is currently useful for automating basic administrative tasks, it works best in conjunction with professionals who provide tailored services to the client.
Derek Burt emphasised the need for a departure from a one-size-fits-all approach, particularly for first-time buyers. The panel agreed that property professionals should align with technological advancements and that access to such technology should be universal for all property professionals.
Effective communication through a single platform was deemed crucial.
This positive sentiment was mirrored by a live poll during the webinar, which revealed that 74% of the audience were likely to invest in technology over the next five years. Only 15% were unlikely to invest, and 13% were neutral.
Can we build 1.5 million homes?
The discussion also addressed the government’s target of building 1.5 million homes over the next five years. The panel acknowledged the ambition behind this goal but highlighted potential challenges, particularly with managing a 25% increase in transaction volumes.
Julie Makin pointed out that recruitment remains a significant hurdle for the conveyancing sector, with many people leaving the profession in recent years due to immense pressure. She stressed the need for better promotion of the benefits of working in such a rewarding sector.
A live poll showed that 79% of the audience viewed the target as unachievable.
Derek Burt suggested that addressing affordability issues, particularly for first-time buyers and people requiring social housing, should be a priority.
Ross D’Aniello agreed that the target was ambitious and while estate agents would welcome more housing, building on ‘grey’ spaces is not a straightforward solution.
To wrap up the conversation, Derek Burt summed up the feeling within the room when it came to making transactions more efficient:
“We need to keep waking people up to the conversation and start to test, learn and collaborate.
“No individual is going to solve this challenge on their own.”
Kindly shared by Landmark Information
