Repetition and poor communication have been cited as the worst aspects of buying and selling a property.

A poll of 5,336 homebuyers and sellers who bought or sold within the past five years found 40.6% cited communication between stakeholders as the most challenging aspect and 39.5% highlighted the need to chase for updates.

A major issue was the repetition inherent in document collection and sharing, with 62.3% of respondents asked to provide the same information or documents two to three times.

The survey, by the Open Property Data Association (OPDA) also found a mismatch between expectations of buying and selling times and the reality.

While 44.5% said they expect the process to take one to two months and 34.2% expect up to six months, 16% waited for longer.

When it comes to blame for delays, 44.3% identified conveyancers as the main culprit, while 28.8% pointed to estate agents and 17.3% to mortgage lenders.

A clear appetite for digital solutions exists, the OPDA said, after 82.2% of respondents viewed the concept of a digital property pack positively and 76.7% said they would be willing to use such technology for secure data and information sharing.

Maria Harris, Chair of the OPDA, said:

“Homebuying is a significant life event and a fundamental aspect of our financial, physical, and mental wellbeing. Yet, for too long, the process has been driven by paper-based and manual processes creating inefficiencies, repetitive tasks, and fragmented communication.

“With the insights provided from this extensive consumer research, buyers and sellers make a strong case for digital transformation of the mortgage and property market. Their experience and expectations clearly set out the need to streamline transactions and instil much needed confidence in the homebuying process.”

Kindly shared by EstateAgentTODAY Picture courtesy of Adobe