The UK homebuying process is notorious for its duration and complexity, as evident in recent data which revealed that the UK has the slowest home moving timeline among 12 global nations.
Market insight from Material Information and Moverly indicates that, on average, it takes 179 days—or nearly six months—from listing a property to its completion in the UK. This is a staggering 70% longer than in the USA, where the process takes just 53 days. The UK’s protracted homebuying process also stands in stark contrast to other nations such as the UAE (70 days), and New Zealand (72 days). While closer to the UK’s timeline, countries like Italy, Spain, and Portugal still manage to complete transactions more swiftly, and this data affirms the urgent need to address inefficiencies across the UK property market.
Such prolonged timelines continue to cause significant frustration for buyers, sellers, and all professionals involved in this chain. However, there is a clear opportunity for surveyors to play a pivotal role in accelerating these timelines through their experience, expertise and by leveraging technological advances.
Technology can be a true game-changer in the homebuying process, providing tools that significantly reduce the time needed to complete a transaction. For surveyors, embracing digital platforms and automation simplifies the valuation process, enhances accuracy, and accelerates reporting. For instance, digital surveys enable quicker data collection and analysis, leading to faster turnaround times on property valuations.
As a company, we take immense pride in both our technology and our people, recognising that these two elements are vital to delivering exceptional service throughout all business cycles. By utilising technology, we offer detailed and accurate property data that is easily accessible and shareable with other stakeholders in the process, such as mortgage brokers and solicitors. This minimises the need for repeated surveys or clarifications, which are common sources of delay.
With buyers, sellers, and their respective agents often facing delays due to missing or unclear information, the exchange of accurate data is critical to improving the UK homebuying process and reducing certain bottlenecks. For instance, integrating survey data, including detailed condition reports, with mortgage intermediary platforms can ensure that all relevant information is available early in the process. This not only streamlines transactions but also ensures that consumers are well-informed about the properties they are purchasing, leading to more confident and timely decisions.
Education is another area where we, as surveyors and industry professionals, can make a significant impact. Many consumers are unaware of the factors that can delay their home purchase or sale. By providing clear, accessible information and guidance throughout the process, we can help manage expectations and encourage proactive steps that reduce delays.
Moreover, the development of innovative products, such as instant valuation tools powered by artificial intelligence, can provide prospective buyers and sellers with immediate insights, reducing the initial time spent on obtaining property valuations.
As professionals committed to improving the homebuying experience, it’s essential to maintain high service standards that meet the evolving needs of homebuyers. By continually seeking ways to innovate, improve communication, and educate consumers; surveyors and mortgage intermediaries can work together to deliver the efficient, high-quality service that homebuyers deserve. This is not just an opportunity but a responsibility that we must fully embrace to enhance the overall homebuying experience in the UK.
