Estate agents are reporting property transactions taking as long as 20 weeks as chains, conveyancing capacity and legal complexity continue to slow the home-moving process.
The Guild of Property Professionals says transaction times of between 16 and 20 weeks have emerged as a consistent concern during the first six meetings of its 20-stop UK Regional Tour.
Agents attending meetings across Cornwall, Exeter, Bristol, the wider South West and Cardiff have also reported increased property stock and reduced buyer urgency.
The findings are prompting agencies to examine how they can improve transaction management, make greater use of AI and broaden the services they offer.
TRANSACTION DELAYS
Members identified chains, conveyancing capacity, legal complexity and leasehold requirements among factors contributing to delays and fall-throughs.
Potential responses discussed include gathering more information when a property is instructed, improving Memorandums of Sale, providing seller checklists and introducing more proactive communication and pipeline reviews.
There is also growing interest in exchange-ready processes that bring information together earlier in the transaction.
Iain McKenzie (main picture), Chief Executive Officer of The Guild of Property Professionals, says: “The market is challenging, but it is certainly not broken.
“What is changing is the way agents need to operate. Consumers are more informed, have greater choice and increasingly expect value and transparency from the businesses they use.”
NEW REVENUE
Agents are also exploring ways of generating income beyond commission from a completed sale.
Services being considered include premium marketing, photography and video, conveyancing and mortgage referrals, surveys, legal and sales packs, auctions, probate, vacant-property services and removals.
Some agencies are examining tiered packages giving vendors a choice over the level of marketing and support they receive.
AI USE GROWS
AI featured in almost every meeting, with The Guild reporting that agents are increasingly moving from experimentation towards practical implementation.
Uses range from property descriptions, emails and social media content to call transcription, automated tasks, vendor reporting and workflow automation.
McKenzie adds: “There is a real willingness among Members to question long-established practices and find new ways of delivering value for consumers while building more resilient businesses.”
The Guild’s Regional Tour will continue across the UK, with a total of 20 meetings planned.
