Over 75% of members of all groups surveyed (residential estate agents, conveyancers, surveyors and lenders) cited that the current economic climate, interest rates and the cost of living crisis were leading business concerns going into 2024.
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The length of time it takes to complete a transaction was a top three frustration in the transactional process for estate agents (37%), surveyors (40%) and lenders (36%).
The ever-increasing regulatory and admin burden placed on property professionals appeared as a top five frustration for all four groups, with lenders ranking highest in this area, with 55% agreeing.
Looking into the future, all groups believed that more advanced technology and less administration will be key in improving efficiency and reducing costs.
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