According to the Open Property Data Association’s (OPDA’s) report, The Future of Homebuying: Consumer Expectations and the Path to Digital Transformation, which surveyed around 5,300 recent homebuyers and sellers, over two-thirds said they were asked to provide the same information or documents two or three times.
OPDA said this not only slows down the process but also increases the risk of errors, misaligns information between stakeholders and increases the potential of sensitive information being shared in unsecure way.
The lack of clear and timely communication is also a barrier, with around 40.6% saying poor communication between stakeholders was the most challenging aspect of buying a home. This includes communication breakdown and repeated requests for documentation.
Approximately 39.5% said they needed to chase for updates.
Delays in exchanging contracts were also an issue, with nearly half – 45.5% – saying it took 3-6 months to exchange contracts and 16.2% reporting delays of six months or more. This compares to the average homebuyer expectation that it should take between one and two months and builds on prior research OPDA has done.
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When asked who was responsible for delays, OPDA said this varied by group and region, with older consumers more likely to blame legal professionals, while younger buyers pointed to estate agents.
Around 44.3% identified property lawyers or conveyancers as the primary culprits, 28.8% pointed to estate agents, 17.3% indicated mortgage lenders and 14.9% cited valuers or surveyors.
More than three-quarters said they would use a digital solution if it were available to share documents and data, while 82% responded positively to the concept of a digital property pack.
Nearly a third said data security was a top priority for such technology, and ease of use was cited by 12.4% of participants.
Only a quarter said the government should take the lead on a digital transformation of the home buying process, but this is higher than the 15.7% who pointed to property lawyers or conveyancers, the 14.1% who cited estate agents, the 10.3% who pointed to buyers and sellers, the 7.9% who named mortgage lenders and the 7.3% who suggested mortgage brokers.
OPDA said younger buyers tended to point to buyers and sellers, while older groups indicated a government-led initiative.
‘Current home buying process doesn’t work’ for consumers
The report said streamlining communication, eliminating redundant paperwork, accelerating the exchange of contracts, addressing security concerns and building a trusted ecosystem were vital to improve the home buying process.
For industry stakeholders, including estate agents, mortgage intermediaries, surveyors, mortgage lenders and conveyancers, the recommendations were to adopt digital platforms and enhance communication.
Maria Harris, chair of OPDA, said: “Consumers are telling us loud and clear: the current home buying process doesn’t work for them. It’s fragmented, inefficient and opaque.
“This research makes an undeniable case for digital reform and shows that the public is more than ready for it. With the right frameworks in place, we can finally deliver a home buying process that is secure, streamlined and fit for the 21st century.”
