Weekly Property Newsletter

Buyers Overlook Crucial Features in Home Viewings

Recent findings reveal that many homebuyers are focusing on superficial aspects of properties during viewings, neglecting more critical features. Zoopla’s innovative eye-tracking software, currently in trial, has shed light on where prospective buyers direct their attention during home tours. Surprisingly, the data indicates that buyers are more captivated by furnishings and decorations—items that will not be part of the property post-purchase—than by essential structural elements.

For instance, buyers spend an average of only 34 seconds examining a bedroom and just over a minute in the kitchen. In contrast, they dedicate more time to admiring ornaments, mirrors, and plants. Even in areas like hallways, where structural components like ceilings and floors should be of interest, buyers are more drawn to coat racks and rugs. This focus on non-essential items means that vital aspects, such as the condition of boilers, water pressure, and signs of dampness, are often overlooked.

The implications of these findings are significant. With 38% of participants neglecting to check for damp and 57% ignoring condensation, there is a clear disconnect between what buyers should prioritize and where their attention actually lies. This trend highlights the need for buyers to be more aware and diligent during viewings, ensuring they thoroughly inspect the property’s structural integrity and essential systems, which are crucial to long-term satisfaction.

Conveyancing Firms Feeling the Pressure Amid Transaction Slumps

The ongoing slump in the housing market is beginning to take its toll on conveyancing firms, with a notable reduction in the number of active firms. A recent analysis by Search Acumen reveals a 22% year-on-year drop in housing transactions, leading to a 3% decline in conveyancing companies in the first half of 2024. This decline follows a decade-long trend, with 11% fewer conveyancing firms operating today compared to ten years ago.

The drop in transactions has resulted in law firms managing significantly fewer cases. On average, firms have handled 61 cases per quarter in 2024, down from 74 in the same period last year and 94 at the peak in 2022. While some may welcome this decrease as a respite after the post-pandemic boom, it also signals a concerning stagnation in the real estate sector.

Larger firms, however, are adapting by investing in digital transformation, which has helped them maintain and even grow their market share. This shift underscores the importance of innovation and efficiency in an increasingly competitive landscape, where the ability to do more with less is becoming essential.

Landlords Face Uphill Battle to Meet 2030 EPC Targets

New research indicates that landlords in England and Wales are struggling to meet the government’s 2030 Energy Performance Certificate (EPC) targets. At the current rate of energy efficiency improvements, it will take an estimated 18 years to upgrade all privately rented homes to an EPC rating of A to C—a timeline far exceeding the government’s deadline.

Despite a marked acceleration in upgrades compared to past years, the pace remains insufficient to meet the target. In 2024, only about 115,000 rental homes are expected to meet the necessary standards, a figure that needs to triple to stay on track. While over half of rental properties assessed this year have achieved a C rating or better, significant challenges remain, particularly for older properties in the North of England, where achieving these standards is often financially unviable.

The research suggests that while landlords have made strides in improving the energy efficiency of their properties, the road ahead remains daunting. The costs associated with these upgrades, coupled with shifting government regulations, are placing significant strain on landlords, many of whom are calling for clearer guidance and support to meet the 2030 deadline.

As the pressure mounts, it is crucial for landlords to receive the necessary resources and clarity to ensure that their properties meet the required energy efficiency standards, thereby contributing to the broader goal of reducing the environmental impact of housing in the UK.

Stay informed and make strategic decisions in the property market by keeping up with the latest developments. Whether you’re a buyer, a landlord, or involved in conveyancing, understanding these trends is essential to navigating the challenges and opportunities ahead.

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