Agents have been warned they are likely to require PropTech assistance to cope with a surge in transactions expected this year.
The stamp duty holiday extension until the end of September and the pandemic vaccine roll out heightening confidence in the interim, are both being cited as reasons for optimism that this year’s housing market will be even busier than 2020.
But the chief executive of Moveable, Simon Bath, says with Rightmove showing record visits and Savills predicting transaction totals to soar to 1.4m in 2021, there’s understandable concern about conveyancing bottlenecks and the sector’s ability to cope with pressure.
“Government interventions and market conditions have created a perfect storm in terms of buyer demand. Combining this with the fact that buying a house is traditionally a long and complicated process, we could see many waiting months for completion with demand exceeding the sector’s bandwidth for delivery” he says.
"The pandemic has inspired a step-up for digital transformation that is now mandatory for success; no longer an aspiration to work towards. Sectors such as property that are reliant on physical interaction must adapt at lightening speed to survive.
“This means the competition between service providers who crop up along the purchase to completion chain is arguably skewed by those who already had their digital ducks in a row.
"One of the ways to mitigate this effect is to make sure you stay ahead of each step and instruct the best you can find in conveyancing and moving.”
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....and having agents recommend that their clients purchase their own Search Pack upfront, to hand on to a buyer once one is secured, goes an awfully long way towards speeding any transaction!
Sellers can do this without a Conveyancer being in place initially, by going to a new firm who can organise all of this for the vendor, directly, online - Property Searches Direct. They will analyse the property location based on postcode, assess the potential hazards, and order the appropriate Searches including the Local Authority Search and Drainage & Water etc.
Getting legally prepared like this saves weeks later on in the transaction. And it makes the property sale and purchase more transparent for everyone.
All to be supported. What is not being suggested is how this information can be shared with the potential buyers before they offer. The PIP Vault can do this.
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