Santander urges government to digitise homebuying process<\/p>\n
Santander has advised the government and regulators to digitise the homebuying process, as well as prevent gazumping ad gazundering.<\/p>\n
A government-owned centralised property data system could help smoothen the process, as well as utilising AI.<\/p>\n
David Morris, head of homes at Santander UK, said: \u201cBuying a home should be a moment of excitement and hope, but for too many people, it\u2019s an uncertain and exhausting process, that drains their mental, emotional and physical health.<\/p>\n
\u201cThe homebuying journey is still operating in the confines of a framework that was established a century ago. This antiquated system is an increasingly heavy anchor weighing on the economy and fixing it must be key.<\/p>\n
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\u201cWhile the government has put the housing market firmly on its agenda \u2013 as this research shows \u2013 the scale of the challenge remains largely underappreciated, and that\u2019s why we\u2019re calling for powerful reforms to give buyers and sellers more confidence, ease the financial and emotional strain and create a housing system fit for the needs of today\u2019s consumers and economy.\u201d<\/p>\n
The cost of failed property transactions is 40% higher than government estimates, Santander\u2019s \u2018fixing the broken chain\u2019 research shows.<\/p>\n
Over half a million failed transactions a year costs the wider economy \u00a3950m, as well as \u00a3560m to consumers.<\/p>\n
Some 23% of consumers have experienced a property chain failing, with the process having a profound emotional impact on buyers, with more than half (54%) feeling stressed throughout the transaction.<\/p>\n
As it stands, these difficult and stressful processes deter activity, as 28% of movers said they\u2019d be less likely to move again due to their experience.<\/p>\n","protected":false},"excerpt":{"rendered":"
Santander urges government to digitise homebuying process Santander has advised the government and regulators to digitise the homebuying process, as well as prevent gazumping ad gazundering. A government-owned centralised property data system could help smoothen the process, as well as utilising AI. David Morris, head of homes at Santander UK, said: \u201cBuying a home should […]<\/p>\n","protected":false},"author":1,"featured_media":3650,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[2],"tags":[],"class_list":["post-3649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n