Support for digital property packs grows as ANOTHER report slams conveyancing
A poll of more than 5,000 estate agency customers shows strong support for digital property packs to overcome conveyancing problems.
Property buyers and sellers are united in their call for a better conveyancing process, new research shows.
A poll of more than 5,300 estate agency customers shows that 40% blame communication breakdowns for problems in the system.
And now the Open Property Data Association (OPDA) trade group, which carried out the survey, is calling for a ‘digital property pack’ to help resolve glitches that can prove so costly.
The move toward digital reform is both urgent and long overdue.”
Maria Harris, Chair of the OPDA, says: “In the current climate where delays, communication breakdowns, and redundant processes are all too common, the move toward digital reform is both urgent and long overdue.”
In a report summarising the results of the research, the ODPA says: “Consumers are telling us loud and clear: the current homebuying process doesn’t work for them. It’s fragmented, inefficient and opaque.
More than ready
“This research makes an undeniable case for digital reform and shows that the public is more than ready for it.”
“Communication breakdowns and repeated requests for documentation are major pain points, with 40.6% citing communication between stakeholders as the most challenging aspect and 39.5% highlighting the need to chase for updates,” the report says.
The average homebuyer expects exchange of contracts to take between one to two months.”
“The average homebuyer expects exchange of contracts to take between one to two months from the time their offer was accepted; however, nearly 45.9% report that it took three to six months, with 16.2% experiencing delays beyond six months.”
The ODPA says more than 80% of respondents support a digital property pack.
Reduce delays
“A well-designed digital property pack would enhance transparency, reduce delays and ensure that all stakeholders have easy access to up-to-date, real time, accurate and provenanced smart property data in a secure, digital format,” the group says.
“Consumers are repeatedly burdened by the requirement to submit the same documents, and complete the same form-based information multiple times.”
Property expert says conveyancing process like ‘trip to the dentist’
The RLBA were really pleased to see that Property Logbooks got a strong call-out in this report. Logbooks represent the interests of the homeowner and could revolutionise access to data at both the sale and buy ends of the process.