"Investment in technology and the right data has a huge role to play in helping to fix a fragmented transaction process - it’s not just beneficial but necessary to streamline operations and meet rising consumer expectations"
- Graeme Edwards - Landmark Valuation Services
Two new major market research reports, released by Landmark Information Group have revealed the extent of shared frustrations among residential surveyors and mortgage lenders.
Interviewing 65 senior individuals from residential surveying firms and 46 senior operations professionals in mortgage lending, Landmark’s latest market research indicates a troubling convergence of pain points across the transaction chain, including:
Economic Pressures: the majority of lenders (89%) and surveyors (85%) cited an uncertain economic climate and the cost-of-living crisis as their primary business concern, highlighting ongoing struggles within the housing market.
Regulatory Burdens: A significant 61% of lenders and 31% of surveyors reported frustration with increasing regulatory and administrative demands, reflecting a growing concern over the impact of climate change legislation and other regulatory changes on their operations.
Communication Challenges: Lenders now spend nearly a third (32%) of their working day – or 2.5 hours – chasing or being chased for updates, a notable increase on last year’s level of 25%. For surveyors, 38% expressed frustration at having to chase stakeholders, consuming a quarter of their working day – or nearly 2 hours.
The report underscores how rising consumer expectations exacerbate these frustrations, with many home movers aspiring to complete their transactions within an 8-week timeframe. Whereas, the average duration for completing a transaction now stands at a staggering 123 days – or 17 weeks – significantly lengthening the process and impacting customer satisfaction.
The research also highlights the demand for innovative solutions, with both groups identifying the digitisation of workflows as a critical factor for improving productivity. 67% of lenders and 55% of surveyors ranked digitising processes as key to enhancing operational efficiency.
Graeme Edwards, Managing Director of Landmark Valuation Services, commented: “The research highlights the shared challenges facing both lenders and surveyors in today’s challenging market conditions. Increasing administrative and regulatory burdens, coupled with the demand for faster transaction times, are pushing forward-thinking businesses to embrace technology which is increasingly seen by insiders as a vital tool to build better levels of efficiency.
"Investment in technology and the right data has a huge role to play in helping to fix a fragmented transaction process - it’s not just beneficial but necessary to streamline operations and meet rising consumer expectations.”
