Who is to blame for the slow pace of home buying? The new research is set to reignite a long-running debate, which largely points the finger at conveyancers for delays in transaction progress.
The findings show that the legal stage of the process remains one of the biggest hurdles, with issues such as slow searches, backlogs and poor communication often cited by buyers and estate agents.
However, the report also highlights that delays are rarely caused by any one factor, with lenders, surveyors and complex property chains all contributing to the drawn-out timelines – raising new questions about where the responsibility really lies.
A recent survey of over 1,000 UK homeowners commissioned by lyons bowe and done by properprfound that 65% of shoppers cited transportation as the slowest step in their purchase.
Overall the time frame remains stretched. About 72% of respondents said it took more than 12 weeks from proposal acceptance to completion. For one quarter, the process took more than 16 weeks, while 22% reported waiting more than 24 weeks – putting transactions at or beyond the six-month mark.
As a result, 63% said the process took longer than expected.
When asked where delays occurred, wide gaps in communication prevailed. More than a quarter (27%) cited property mortgages as the biggest hurdle, while mortgage approval and appraisals were each cited by just 4%.
The data also highlights the extent of delays at the legal stage. While 25% said delivery was completed within 12 weeks, 21% waited up to 16 weeks and almost a quarter (24%) experienced delays longer than that.
Apart from speed, buyers also highlighted complexity. More than half (54%) described dealing with conveyancers as the most difficult part of the process, and 74% said it involved the most back-and-forth, from repeated document requests to ongoing communication with solicitors.
Overall, 55% agreed that conveyancing directly slowed down their home buying journey, solidifying its role as the major hurdle in the transaction process.
Paul Lyons, managing director of Lyons Bowes Solicitors, comments: “It’s not surprising that so many home buyers feel that transfer slows things down. The process sits at the heart of the property transaction and involves multiple parties including solicitors, lenders, agents, buyers and sellers, all working to different timelines. Delays are often caused by fragmented communication, repeated information requests and a lack of visibility, which gives buyers a sense of control. out of control and uncertain about progress.”
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