Huge majority want more info and more speed during transactions

A PropTech firm says the public wants an easier way to buy and sell property. 

A survey of 672 existing home owners by Iamproperty found 43 per cent of respondents rating their previous experience of buying or selling a property using an estate agent as positive, and 24 per cent saying neutral. 

However, an overwhelming 82 per cent say they would like to be able to access all information on a transaction in one place, while 72 per cent generally want a faster process. 

Similar large majorities wanted to be given a clear outline of timescales from the outset and to see regular updates on progress without having to request them.

When looking at how their agent could have helped to improve the overall experience, 53 per cent of owners would have liked more communication around delays and timelines, and 23 per cent called for more regular updates on progress.

One participant said: “Overall, my estate agent was good, but I felt like I had to chase a lot to understand timelines and get updates”. Another participant said: “I think my Estate Agent could have done more to help me understand delays and liaise with other parties. It was difficult to keep track of where things were at and what was holding things up”.

Ben Ridgway, Iamproperty’s group managing director, says: “The private treaty process currently involves a lot of admin work, chasing up information from third parties and can be subject to long delays.

“Ultimately homeowners want a faster process, a clear understanding of timescales and to be able to see updates on progress when it’s convenient for them. Ninety eight per cent of those we surveyed agreed they’d like to have access to a system where they could see how their transaction is progressing and what’s outstanding.”