Rightmove chief executive Johan Svanstrom wants to cut the time taken to complete a home sale from an average of 150 days to just 40.
In an interview with The Times, Svanstrom (main picture, inset) says technology and earlier access to property information could dramatically accelerate Britain’s home-moving process.
Rightmove’s figures show sellers currently take an average of 64 days to secure a buyer, followed by another 150 days for the transaction to complete.
In some parts of the country the wait is considerably longer, with completion taking an average of 229 days in Slough.
UPFRONT INFORMATION
Svanstrom tells The Times that prospective buyers and renters should have access to more information about properties earlier in the process.
That could include planning histories, Energy Performance Certificates and title information, with Rightmove potentially providing a platform through which buyers can access the data.
Giving buyers more information upfront could help prevent problems emerging later in transactions and reduce the number of sales falling through.
Svanstrom tells the newspaper that cutting the average 150-day completion period to 40 days is “ambitious”, but believes Rightmove’s technology can help.
AI INVESTMENT
The portal is also increasing its investment in artificial intelligence as technology begins to reshape property search and estate agency.
Rightmove is investing £60m in developing its own technology and has created AI products for agents including transcription, market analysis and tools to help draft client emails.
It has also developed its own AI search technology and launched an app within ChatGPT.
Svanstrom’s strategy is designed to put Rightmove at the centre of a faster, more digitally connected home-moving process.
