Labour pledged to “get Britain building” in the King’s Speech with a promise to accelerate housing and infrastructure projects by changing existing planning laws.
This includes the reintroduction of mandatory housing targets, demonstrating the new government’s commitment to addressing the need for more homes across the UK.
As always, the implementation of these actions and targets will be crucial. Many sectors within the housing and mortgage markets, as well as consumers, are eager to see not only more affordable housing but also initiatives that speed up and simplify the home buying and selling process, while also increasing levels of transparency across the board.
Speeding up the sales process
Our recent webinar, although not primarily focused on the new government’s influence on the current housing market, highlighted its undeniable impact on residential property and surveying issues. Within this session, one key question was posed around whether the new government should legislate for pre-sale surveys to expedite the home buying process.
The response was that over two-thirds (71%) of respondents supported such legislation, while 29% were opposed.
The webinar also examined the practices of brokers and lenders, revealing that 79% explain the difference between a valuation and a survey to borrowers, whereas 21% do not clarify this distinction. Barriers to instructing a survey were also identified. The primary obstacle, cited by 54% of respondents, is the misconception that a valuation serves the customer’s benefit rather than the lender’s.
Other barriers include lack of knowledge (47%), cost concerns (45%), and not being offered a survey (22%).
The importance of home surveys
When it comes to actively recommending home condition surveys, 39% of property professionals said they do so every time, 36% said sometimes, 12% believe it’s not necessary for everyone, 9% never recommend them, and 3% hardly ever do.
These results clearly indicate that the industry recognises the potential benefits attached to pre-sale surveys when it comes to helping streamline the home buying and selling process. After all, providing buyers with comprehensive upfront property information enhances transparency and efficiency in what is often a complex and emotional transaction.
Advice is imperative
Looking ahead, beyond any government intervention, the key to overcoming consumer barriers lies in advice-led initiatives.
Ensuring homebuyers fully grasp the type of survey they need and where to find it, along with understanding associated costs and benefits, hinges on a solid, professional advice process. This process provides invaluable peace of mind by successfully conveying clear information.
As such, the intermediary market will remain critical in providing accurate information and messaging about a home survey’s value and delivering a robust referral process with a trusted surveying partner.
This approach complements the excellent ongoing work of the Open Property Data Alliance (OPDA) and the Home Buying and Selling Group (HBSG) in addressing data issues and promoting transparency and accessibility throughout the home buying and selling process. In addition to the attention being shown by the surveying sector in dispelling some ongoing myths and misconceptions.
As a business, we certainly remain dedicated to collaborating closely with key partners and customers to ensure we continue raising awareness about surveys being such a key element in the home buying discussion. And, as we enter a period that will hopefully bring greater political and economic certainty, we can look forward to putting these mechanisms into action within a H2 housing and mortgage market that is already showing some promising signs.
