Economic backdrop and transaction delays highlighted as the top pain points for property professionals

New research from Landmark Information Group has revealed that economic headwinds, regulatory and administrative burdens and transaction delays are the most felt frustrations across the property industry.

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.

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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