Reforms to property purchase procedures could unlock significant potential in the British market. A study by Jackson-Stops, a leading estate agency, suggests that over 260,000 owner-occupied homes could come onto the market within a year. This would be the case if improved buying processes reduced the current uncertainty regarding transaction times.
Jackson-Stops' analysis highlights that the current complexity of processes and the associated unpredictable timescales deter many owners from selling their properties. Streamlining procedures and providing greater planning certainty could therefore lead to a significant increase in supply.
Long-term Market Potential
Extending these assumptions over a longer period, Jackson-Stops estimates that over 700,000 owner-occupied homes could be released over a three-year period, should confidence in the selling process improve significantly. This underscores the enormous untapped potential latent in the British housing market.
Such a development would be advantageous for both buyers and sellers. Sellers could plan with greater confidence, knowing that their transactions will be handled more efficiently and punctually. At the same time, an increased supply would offer buyers a wider selection and potentially more stable prices, which could help to ease the market.
Background and Implications
Jackson-Stops' observations are based on detailed market analyses and customer surveys that identify the main hurdles in the current property selling process. In particular, the often long and opaque waiting times for legal and financial checks represent a recurring problem.
Optimisation would not only increase the number of available properties but also make the entire market mechanism more efficient. This would have positive effects on the liquidity and dynamism of the British housing market and could provide new impetus for investments and development.
