Key Problems Facing the UK Property Industry

The UK property industry is currently grappling with two major concerns:

1. The home buying and selling process encounters several roadblocks that slow down its speed and efficiency.
2. The ongoing energy crisis.

This article focuses specifically on the issues with the house buying process, which, despite relying on valuable resources such as searches, still faces timing and content-related challenges.

What Searches Are Required in the Home Buying Process?

In the UK, a typical conveyancing search pack includes several essential searches conducted during the home buying or selling process. These may vary slightly based on location, but the following are commonly included:

1. Local Authority Search
2. Environmental Search
3. Drainage and Water Search
4. Chancel Repair Liability Search
5. Mining and Subsidence Search
6. Flood Risk Search
7. Land Registry Priority Search

Other searches may be required based on specific circumstances, and it is crucial to consult a qualified conveyancer or solicitor to determine the exact searches needed for each case.

The Findings of Recent Research

Research conducted by an organization facilitating collaboration between solicitors, estate agents, mortgage brokers, and financial advisors revealed that if 200 prospective buyers had to pay an initial fee of £275 to put forward an offer, only 50 would proceed. On average, those who continued with the process took around 79 days to complete, while the rest took 120 days. Notably, 42% of these transactions fell through, underscoring the challenges in streamlining the process.

Simplifying the Property Transaction Process

The research highlights the importance of keeping property transactions simple and straightforward. A £275 fee was enough for buyers to feel confident in proceeding, understanding the search process better, and increasing their likelihood of success. This approach also addresses a common challenge agents face—informing buyers that a deal is reached, only for the buyers to question whether the property will be removed from the market.

Challenges for the Younger Generation in Property Transactions

The younger generation of buyers is particularly averse to wasting time on non-refundable deposits and lengthy agreements. They view these as unnecessary obstacles, preferring quicker and more efficient methods for property transactions. The solution lies in changing how searches are handled to improve the process for all parties involved.

Ringley Law’s Faster Home Sale Process

At Ringley Law, we offer an expedited home sale process for properties within the Ringley managed leasehold portfolio. For just £995 in Wales and £1,295 in England, we provide pre-prepared, speedy sale-ready packs that can significantly reduce the time it takes to complete a property transaction, helping to address the inefficiencies in the conveyancing process.