Vendors ‘prepared to pay more’ for faster sales...

Viewing ‘time wasters’ and the long conveyancing process have been identified among the main frustrations among vendors when selling a property.

It comes as research shows the majority of vendors would be prepared to pay more to have a faster conveyancing process that is smoother and more digital.

The data has been released by iamproperty, as it highlights that sales timescales have increased to an average of 132 days over the past 12 months.

The proptech firm surveyed UK vendors and agents to understand the impact of conveyancing on their transactions, exploring how they perceive the process, the pitfalls and potential solutions.

The top frustration for consumers when selling a property was the conveyancing process taking too long, highlighted by 50% of respondents, with 48% frustrated by people viewing their property and not planning to buy.

Another 46% said they wished solicitors were more proactive.

Most conveyancing frustrations were because the process takes longer than vendors hope or expected.

The analysis also found vendors are most likely to find their own conveyancing solicitor, although estate agent recommendations are important.

Just like vendors, the conveyancing process taking too long was the biggest issue for agents, highlighted by 80% of respondents.

Another 70% said buyers dropping out was a big issue for agents.

Agents also cited poor communication as another conveyancing issue.

Ben Ridgway, co-founder of iamproperty, said: “The volume of property transactions in the UK has more than doubled in the past 10 years, from 714,000 in 2012 to over 1.3m in 2022.

“But processes haven’t caught up and the adoption of impactful tech solutions is lagging behind.

“Couple that with a continued decline in the number of conveyancers and it’s no wonder the process is still slow and fragmented.

“When we consider that back in 2007 transaction timescales were an average of 82 days, it’s no wonder frustrations are worsening for UK buyers and sellers.

“Estate agents are feeling the impact too, taking the brunt of it when clients are frustrated, as well as the knock-on effect of transactions not running as smoothly as they could be.
Ridgway said technology can speed things up and suggested it is already working well for agents who have adopted it.

He added: “There is still work to do when it comes to the adoption of tech, among agents and supporting parties like conveyancers, which would help the sector take much-needed steps forward to delivering an improved experience that consumers have been calling out for.

“But we could go further and make more improvements to the process – things could still be faster, and vendors are willing to pay for it, because in today’s world, for the majority, speed and convenience outweigh costs.”

> Read the full report