Pexa’s Home Moving Experience Report highlighted the growing pressure that lenders, brokers and conveyancers face to deliver a more seamlessly connected transaction journey.
Pexa found that more than 80% of buyers experienced significant stress during multiple stages of their most recent property purchase, with mortgage delays among the leading causes.
Stress has been linked to stifled home moving. Earlier this year, mortgage delays were shown to place undue pressure on buyers.
The research, based on a survey of 1,050 homeowners who moved in the past 12 months, also found that only 7% completed their transaction without delays.
Three-quarters of respondents faced disruption linked to conveyancing, mortgage approvals, property chains, surveys, identity checks or communication failures.
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The report indicated that the issue is more about fragmentation between the organisations involved in a transaction.
Buyers are frequently required to provide the same information and documentation multiple times as data moves between estate agents, mortgage brokers, lenders and conveyancers.
Pexa reiterated growing industry support for trusted, reusable data and digital verification tools that would allow information to be securely shared between authorised participants.
The findings come as lenders continue to explore wider adoption of digital identity, smart data and digital verification technologies.
Broker role evolves beyond financial advice
For 82% of respondents, uncertainty over who to contact during different stages of the transaction was a major source of stress. A further 78% said confusion around where to obtain updates contributed to delays.
For brokers, the report suggests their role is broadening beyond arranging finance. Buyers increasingly view mortgage advisers as trusted guides through the wider home moving process, with access to shared transaction data and greater visibility expected to play a larger role in supporting clients.
In sum, Pexa argued that completion remains one of the least modernised stages of the transaction process. On completion day, mortgage funds are released, payments pass between multiple organisations and ownership transfers take place, yet the process continues to rely heavily on manual coordination and fragmented systems.
However, housing completions have shown to be up year-on-year, with the number of fall-throughs having minimised.
The report concluded that reducing uncertainty, improving data sharing and removing duplicated checks could help create a more comprehensible and predictable mortgage and home buying experience for consumers.
