Research shows that the current state of the home-buying process is highly inefficient and brings significant stress to consumers. Recent studies show that 69% of sellers and 62% of buyers are directly affected by the poor functioning of the system.
The Housing White Paper has promised to bring about change through increased regulation, a mandatory requirement of qualification for agents and the issuing of special guidelines on how to buy and sell. Reforms will tackle the issue of gazumping, how to build trust between customers and sellers and ways to innovate the online home-buying market. These are just a few of the proposed strategies that are set to improve the customer experience and significantly shorten the process.
Critics have questioned to what extent can the Government actually solve the issue (5B) stating that the biggest problem in the market is in fact communication, which can be sorted by the suppliers and conveyancers themselves. However, recent numbers show that 79% of agents would welcome modernization of the process. Thus both buyers and sellers alike will directly benefit from the reform.
Considering that the first step towards the modernization of the system has been taken on 6 April 2018, with the introduction of digital mortgage deeds that are set to ease the house-buying experience, the policy is ‘in progress’. In order for it to be ‘complete’ much work is required to bring about the promised changes and thus further monitoring is required.
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