Almost all estate agents believe the Government’s homebuying reforms could reduce transaction times according to research from GetAgent.
Its survey found 95% of agents expect the proposed changes to create a faster and more efficient process, while 93% believe introducing binding agreements earlier would improve market stability.
The reforms include greater use of upfront property information, digital sales packs and earlier binding agreements intended to reduce delays and prevent transactions collapsing late in the process.
Government figures show that purchases currently take around 120 days to complete after an offer is accepted, with approximately one in three transactions falling through. Failed sales cost buyers and sellers an estimated £400m annually in wasted expenditure.
FASTER TRANSACTIONS
Ministers estimate the reforms could make purchases around four weeks faster and reduce the failure rate to approximately one in seven.
The Government’s homebuying roadmap also includes digital property logbooks, improved data sharing and a new Code of Practice for property agents.
GetAgent found 76% of agents believe giving buyers more information at the outset would reduce fall-throughs and limit the time spent progressing unsuitable or unqualified enquiries.
Some 83% expect greater certainty to support buyer demand and improve the health of the market, while 92% believe the reforms could enhance the industry’s performance and reputation.
Better experiences for buyers and sellers were identified as the principal benefit by 21% of respondents. This was followed by fewer collapsed transactions at 20% and faster sales at 16%.
Agents also pointed to more predictable pipelines and commission, better-qualified buyers and less responsibility being placed on agencies for delays beyond their control.
HEALTHIER MARKET
Colby Short (main picture, inset), Co-founder and Chief Executive Officer of GetAgent, says: “For years, the industry has accepted that fall-throughs, long transaction times and uncertainty are simply part of moving home, but they don’t have to be.
“What stands out from this survey isn’t just that agents support the reforms, it’s why they support them. They see an opportunity to spend less time firefighting and more time advising clients, progressing sales and delivering a better overall experience.
“If buyers enter the process better informed and with greater commitment from the outset, everyone benefits.
“Transactions become more predictable, sellers gain greater confidence and agents can focus on what they’re best at rather than constantly reacting to avoidable problems. That’s ultimately what creates a healthier housing market.”
