Mortgage lenders and residential surveyors are frustrated about the administrative burden and regulatory pressures as transaction times now stand at 123 days, a Landmark report reveals.
As part of its research, Landmark interviewed 65 senior individuals from residential surveying firms and 46 senior operations professionals in mortgage lending.
Of those surveyed, 89% of lenders and 85% of surveyors said an uncertain economic climate and the cost-of-living crisis was their primary business concern, which Landmark says highlights ongoing struggles within the housing market.
Meanwhile, 61% of lenders and 31% of surveyors reported frustration with increasing regulatory and administrative demands.
Landmark says these figures reflect a growing concern over the impact of climate change legislation and other regulatory changes on their operations.
The survey also found that lenders spend 32% of their working day, the equivalent of 2.5 hours, chasing or being chased for updates. This is an increase on last year’s level of 25%.
For surveyors, 38% expressed frustration at having to chase stakeholders, taking up a quarter of their working day, the equivalent of 2 hours.
Landmark says the report shows how rising consumer expectations exacerbate these frustrations, with many home movers aspiring to complete their transactions within an eight-week timeframe.
The current average time to completion is 17 weeks, which lengthens the process and impacts customer satisfaction.
In the research, both groups identified the digitisation of workflows as a critical factor for improving productivity.
Results show that 67% of lenders and 55% of surveyors ranked digitising processes as key to enhancing operational efficiency.
Landmark Valuation Services managing director Graeme Edwards says: “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.”
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