Two thirds of homebuyers in Wales say the experience of buying and selling a house is so bad it has put them off moving again.
New research from the Open Property Data Association (OPDA) suggests that 64% of recent home movers in Wales are reluctant to go through the process again, with one in five (19%) saying they’ve been significantly put off.
When asked what the difficulty of buying or selling a home has affected, third of respondents said family plans (32%), nearly a third said career moves (29%) and 30% said downsizing in later life.
The survey of 5,000 home movers, one of the largest of its kind, found that delays in exchanging contracts, constant chasing for updates and repeated requests for information remain major frustrations. Currently, a home buying or selling transaction in the UK takes an average of 135 days to complete after an offer is accepted, up from 93 days in 20192.
Maria Harris, chair of the OPDA, said:
“These findings are a major alarm bell for the housing sector. If so many people are reluctant to move again, it’s going to have a significant impact on housing supply, worsening mobility, particularly for those already struggling at the bottom of the housing ladder.
“The current system in the UK is broken and needs deep structural reform. Embracing smart data will transform how we buy and sell property. With more upfront information and industry wide standards, we can deliver faster transactions, fewer fall throughs, and greater transparency.”
The OPDA is the industry body leading the modernisation of the home buying and selling process through the implementation of smart data.
The UK Government’s Smart Data Strategy, published last month, found that smart data for homebuying could create £14.1 billion in net social value and contribute £2.06 billion annually to UK GDP by 2043, making it the single most economically impactful smart data use case across all sectors studied.
Phil Spencer, property expert and founder of property advice website Move iQ, said:
“We all know moving home is a stressful experience. But these findings suggest the process is so bad in Wales that most people would rather stay put than contemplate moving again.
“Buying a new house should be exciting, not stressful. Digitalisation has transformed so many elements of our lives for the better, and the housing market needs to move out of the dark ages. A system built on smart data would make life better and happier for buyers, sellers and property professionals.”
