A major new cross-market report, released today by Landmark Information Group, shows the growing administrative and regulatory burden, market challenges and the length of time it takes to complete a transaction are the top frustrations shared by property professionals this year.
The research spanned hundreds of estate agents, conveyancers, surveyors, and lenders, and highlighted a striking convergence of pain points for property professionals across the transaction chain.
Economic headwinds have clearly affected the sector, with over 75% of all groups citing the current economic climate, interest rates and the cost of living as a leading business concern for the next year.
The ever-increasing regulatory and admin burden placed on property professionals appeared as a top five frustration for all four groups, with lenders ranking highest in this area, with 55% agreeing.
In addition, all groups spent over 20% of their working days chasing or being chased – with poor communication among stakeholders cited as a top five frustration for estate agents and conveyancers in particular.
Slower transaction times also ranked as a top three shared frustration for three of the four groups (37% of estate agents, 40% surveyors, 36% lenders.)
Simon Brown (pictured), CEO, Landmark Information Group, said: “Our research has thrown into sharp focus the many shared challenges our sector is facing.
“It also reminds us that we’re all part of the same property ecosystem, and although our roles and areas of expertise are different, we share more areas of commonality than we perhaps thought.
“We are all experiencing some of the same frustrations around difficult communications, increasing amounts of administration and a desire for better technology, which is why we wholeheartedly welcome the Government’s latest commitment to improving the home moving process.
“With investment in tech and data the industry can establish a collaborative solution to provide the speed and certainty the property professionals and consumers are so desperately craving.”
