1.4 trillion worth of property sales held OFF the market in last decade due to homebuyer frustrations
The UK’s first proptech platform to automate the end-to-end process of UK conveyancing launched to market yesterday, banishing paper-trails and manual chase-ups from what remains a remarkably offline sector. The pioneering solution provides all partners critical to buying and selling a home – from agent and broker to solicitor and end-client – one integrated platform to progress a purchase or sale, significantly speeding up the overall connectivity between all parties driving a transaction through to completion.
At launch, the desktop and app-based solution is able to facilitate in excess of 1,000 cases, offering real-time updates, document upload and verification functionality, plus real-time case-tracking to progressive industry partners, in addition to the three fifths (58%) of homebuyers who deem the process stressful and opaque.
To accompany its entry into the market, When You Move commissioned an independent survey of 2,000 UK adults to reveal how the overly stressful home-buying experience is damaging the property market. It found:
· A quarter (24%) of UK homeowners have wanted to sell their home but decided not to as the process is deemed too long and stressful
· £1.4 trillion worth of property left off the market over the last 10 years due to cumbersome system dissuading potential buyers and sellers
· 37% of all people to buy a property in the UK since 2007 – equating to 6.46 million – have experienced a deal fall through as a result of long delays and chain complications
· More than 4 million people across the UK have in the last decade been left homeless because of delays in the property-buying process
· 42% of homebuyers left homeless BEFORE completing
A selection of the UK’s most respected legal partners specialising in residential conveyancing are partnering with the transformative technology, including Leadenhall Law Group, Gordons Property Lawyers and Right Choice Conveyancing.
Ian Darby, executive chairman of renowned mortgage advisory firm John Charcol said:
“I consider today’s launch of the When You Move platform a much welcomed advancement of the property industry; the market is propelled by a body of quality, progressive partners, therefore an infrastructure to enhance connectivity and fluidity is great. I’m looking forward to not only seeing the platform’s progression but the impact the technology will bear on the efficiency in overall communication and speed of the industry."
With the house-buying process remarkably weighted down by paper administration and manual updates, When You Move’s research uncovered that on average, the process took seven weeks longer than the projected completion date. What’s more, over 4 million people across the UK have in the last decade been left homeless before completing on a property purchase, with one of the most common reasons homebuyers were left with no fixed abode being their rental contract expired before getting the keys to their new home.
Automating elements of the process in a manner that revolutionises one of the UK’s most offline and outdated sectors, the When You Move technology enables a significant reduction in referral chasing, case tracking and manual uploading. Simon Bath, CEO of When You Move, commented on the proptech platform’s launch:
“The majority of people who have bought or sold a home will understand that the process can be stressful and drawn-out, often feeling in the dark about the status of their property purchase. Meanwhile, there is a large number of excellent conveyancing firms executing their vital role in the process, inhibited by lack of efficient technology and infrastructure to ensure the process is truly efficient. When You Move promises to solve this critical problem, enabling conveyancing firms, mortgage brokers and estate agents to effortlessly provide information to one another and, in doing so, freeing them up to perform the important jobs rather than filing paper work and chasing other parties.”
Peter Goodman, Founder and Chairman of When You Move, said:
“With more than 1.2 million property transactions taking place every year, there is a significant need to modernise the process for all involved. When You Move puts transparency at the heart of its proptech platform, delivering much-needed technological efficiency to end the frustration involved in chasing for information. By automating the communication process, businesses will be able to provide a better service and, with our consumer app, the end-client will also benefit from these same real-time updates.”
Paul Norris, Managing Director of Gordons Property Lawyers added:
"We are very excited to be part of this launch. At Gordons Property Lawyers we position the customer experience at the centre of everything we do. The market is constantly changing, and in an age where digital solutions dominate, being able to provide connectivity between all partners is crucial. The When You Move platform provides this much-needed visibility and we are excited to be part of the change."