New studies reveal shared challenges in the property transaction process
Two new reports from Landmark Information Group reveal widespread frustrations among UK residential surveyors and mortgage lenders, as both groups face mounting economic and regulatory pressures alongside growing administrative burdens.
The findings come amid a market environment where the average property transaction now takes 123 days to complete, far exceeding consumer expectations.
The research, based on interviews with 65 senior professionals from residential surveying firms and 46 senior operations leaders in mortgage lending, identifies common challenges impacting both sectors.
Economic uncertainty and the cost-of-living crisis emerged as the top concerns, with 89% of lenders and 85% of surveyors citing these pressures as a major challenge.
Increased regulatory requirements and climate change-related legislation were also flagged as significant issues, with 61% of lenders and 31% of surveyors reporting that compliance demands are straining their operations.
Communication inefficiencies compound these challenges, as lenders now spend 32% of their working day – or 2.5 hours – chasing or responding to updates, a marked increase from 25% last year. Similarly, 38% of surveyors said they spend nearly two hours daily following up with stakeholders.
The report also notes a growing mismatch between consumer expectations and market realities. While many homebuyers aim to close transactions within eight weeks, the current average of 17 weeks underscores significant inefficiencies in the process, negatively impacting customer satisfaction.
Digital transformation was identified as a key priority for improvement, with 67% of lenders and 55% of surveyors pointing to workflow digitisation as essential to boosting productivity and reducing delays.
“The research highlights the shared challenges facing both lenders and surveyors in today’s challenging market conditions,” said Graeme Edwards (pictured), managing director of Landmark Valuation Services, said. “Increasing administrative and regulatory burdens, coupled with the demand for faster transaction times, are pushing forward-thinking businesses to embrace technology, which is increasingly seen by insiders as a vital tool to build better levels of efficiency.
“Investment in technology and the right data has a huge role to play in helping to fix a fragmented transaction process – it’s not just beneficial but necessary to streamline operations and meet rising consumer expectations.”
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