A survey of 300 property professionals has found that 77% are confident that proposed homebuying reforms will deliver positive change, according to research conducted by Countrywide Surveying Services.
The poll, conducted during a recent webinar examining upfront property information requirements, revealed that 18% of respondents were very confident about the reforms’ impact, whilst 59% expressed some confidence. Only 21% said they were not very confident, and 2% believed the changes would never materialise.
The webinar attracted surveyors, estate agents, brokers and lenders to discuss whether upfront property information represents the reform needed for the homebuying process. The findings suggest a shift in industry sentiment, with growing acceptance that current transaction procedures require improvement.
Political impact on housing reform
Attendees were also asked whether Andy Burnham’s appointment as Prime Minister would affect the likelihood of positive change in the housing market. More than a third (36%) said it made change more likely, compared to 16% who thought it less likely. Almost half (48%) said it made no difference.
Matthew Cumber, Managing Director of Countrywide Surveying Services, said the findings indicate the debate has evolved. “There seems to be broad acceptance that the homebuying process can work better, but the more important question now is how we turn that ambition into something that makes a genuine difference to transactions,” he stated.
Implementation challenges
Cumber noted that simply moving existing checks or documents to an earlier point in the process would have limited impact. He suggested the greater opportunity lies in ensuring useful information is available early enough, in a format that can be shared and relied upon by different parties involved, rather than repeatedly requested as a transaction progresses.
The approach would require lenders, surveyors, conveyancers, estate agents, brokers and technology providers to consider the process holistically rather than improving individual components in isolation. Such reforms could potentially reduce avoidable delays whilst providing buyers with greater clarity about properties they are purchasing.
The findings come as the property industry continues to examine ways to streamline transactions, with estate agencies adapting to changing buyer behaviours and market conditions. The success of upfront information reforms will depend on coordination across multiple sectors of the property transaction chain.
