Streamlining the housingchain is a task for us all

19 October 2009

Industry players must take the lead in reforming the house-buying process before someone else does it for us

Despite a great deal of time, effort and money being lavished on the problem, recent attempts to improve the property transaction process have foundered.

I am sure you are as frustrated as I am by all this waste. For example, the introduction of Home Information Packs has not resulted in buyers being better informed.

But it’s too easy to blame the government alone for allowing politics to get in the way of reform.

The fact that the property transaction process is delivered by a collection of industries and professionals who do not cooperate particularly well is also a significant problem.

Add to this the poor level of communication between government and these industries and it is little wonder that the home-buying process has not been improved.

We can’t go on like this, not only because it is not in our interests to waste business resource on misguided initiatives but also because if we as an industry don’t do something about improving the process someone else will.

I believe the technology, commercial know-how and political will to improve the transaction system exists

That someone could be the government - with all the potential that implies for more misguided initiatives - or new entrants coming to the market to explore the opportunities created by the Legal Services Act.

If change is inevitable I’d rather be a driver than a victim, and I think change is inevitable.

The E-Homebuying Forum has been established to address this issue - to drive change that results in an improved property transaction process.

But before we can begin to focus on changing the system we need a discussion process that aligns the industries, professionals, government and citizens. This is no easy task but it is necessary.

We need to bring together companies from all sectors involved in the home-buying process, from lenders to estate agents and conveyancers.

I believe the technology, commercial know-how and political will to make the process better for buyers and sellers all exist but the initiatives introduced by this government have not delivered their full potential.

Frustrated by the lack of progress, we have identified some key ways in which we can achieve greater transparency, commitment and efficiency in the buying and selling process. Now it is time to put these into action.

As with other industries that have successfully adapted to market pressures our collection of industries needs to be in the driving seat when it comes to improving services.

For too long the transaction process has been slow, opaque and expensive. I believe it has now reached a point at which change is inevitable.

So rather than allowing the government or a third party organisation to inflict this change on us we need to take steps to ensure we play a key part in shaping the future.

I believe the technology, commercial know-how and political will to improve the transaction system exists