What are the top expectations and frustrations home-movers have today?
SearchFlow has written an article that looks at what the top expectations and frustrations are that home-movers have today.
Read the findings here!
The top concern:
There is undoubtedly a sense of uncertainty in the market.
Recent data from SearchFlow’s 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 SearchFlow’s latest market research, the company 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 35s (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 SearchFlow’s 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 but, as an industry that relies heavily on reputation and word of mouth recommendations, great customer service is as vital as ever.
Read SearchFlow’s 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.
Download SearchFlow’s home-movers market research today here.
Kindly shared by SearchFlow
