"I can fully understand why agents would advocate for greater speed and certainty in the home moving process alongside meeting house delivery targets. These improvements would help businesses significantly and I'd encourage the next government to look at this closely"
- Colby Short - GetAgent
GetAgent surveyed 957 estate agents across England on their thoughts and feelings towards the property market in recent times, what they felt had posed the biggest challenges, what they feel has brought the most positive changes and what they would like to see over the coming years.
When asked what they felt had been the most positive influence to the property market in recent times, 28% stated it had been the Help to Buy scheme in its various forms. The Help to Buy scheme was originally launched to help homebuyers onto the ladder with the purchase of new-build homes, before later being refined to first-time buyers only and is estimated to have helped 387,195 homebuyers onto the property ladder.
The Building Safety Act of 2022 also ranked high with 20% of respondents, having helped drive a more effective regulatory and responsibility framework within the construction industry and perhaps most significantly, bringing greater clarity to who has responsibility for fire and building safety throughout the life cycle of high-risk buildings.
The currently proposed Leasehold and Freehold Reform Bill also ranked high, as did the Minimum Energy Efficiency Standards and Energy Act.
When asked what they felt had been the most negative influence on the market in recent times, 37% of those surveyed stated it was the higher inflation and interest rates of recent times, which have caused mortgage rates to spiral and dampened buyer demand in recent years.
The political uncertainty caused by Brexit ranked second with 12%, while other political challenges and changes placed third (10%).
Covid also ranked within the top five, as did the SDLT hike on second homes.
Looking forward, GetAgent asked what changes they would like to see implemented over the next 10 years.
25% stated they would like to see improvements to the speed and certainty of the home selling process, with more focus on meeting housing delivery targets (23%) and the complete abolition of stamp duty (19%) also ranking high.
Co-founder and CEO of GetAgent.co.uk, Colby Short, commented: “There are significant questions over how “helpful” help to buy has been for first-time buyers but there appears to be less uncertainty regarding the positive impact it has had on the property market as a whole.
"GetAgent pays upfront to acquire customers but only receives payment upon completion of a property sale. Therefore, the disruption caused by inflation and spiralling mortgage rates was equally damaging to our business as it was to all estate agents.
"I can fully understand why agents would advocate for greater speed and certainty in the home moving process alongside meeting house delivery targets. These improvements would help businesses significantly and I'd encourage the next government to look at this closely."
