Santander issues brutal verdict on UK’s ‘antiquated’ home-buying rules | UK | News
UK’s home purchase process ‘Antique’ and the cost of the UK economy millions of pounds, is claimed to be claimed (Picture: Excessive information through Getty Images)
According to a large bank report, the house purchase process “antique” and falling sales cost the economy at least £ 1.5 billion per year.
The calculations assigned by Santander UK are saying that more than half a million failed per year in the UK and Wales are directly hit by £ 950 million to consumers directly to consumers.
“Correct the broken chain” housing report said that about one -fourth (23%) people are trying to buy a property, it is only for the fall of this process.
In the report, he said: “To buy a house for most people is the biggest financial commitments.
“The process of standing does not reflect this. In an age marked with digitization and convenience for many areas of daily life, the real estate market sticks like a painful thumb.”
In the report, David Morris, David Morris, Santander UK, shows that our conservative calculation has lost 1.5 billion pounds annually by consumers in the economy and unsuccessful property transactions. “
The study was based on the economic analysis of the WPI economy and a study of more than 2,300 consumers by JL Partners in July.
Santander Bank’s store façade in Broad ST, reading (Picture: Using photography through Roger Getty Images)
He estimated that approximately 530,000 housing transactions failed in England and Wales each year.
Economic analysis, mortgage and lawyer wages, such as non -retracted expenditures, the direct cost of consumers has shown that £ 560 million per year.
Researchers found that the majority (85%) who had a unsuccessful transaction reported financial losses. The average cost was £ 1,240 per failed last process.
The study showed that 17% of the unsuccessful transactions collapsed one month later, and that 43% of the unsuccessful transactions were beyond or beyond the three -month sign.
The researchers also emphasized the economy of wider unsuccessful transactions, such as the time they took out of the workplace when people took out of the workplace and the cost of wasted prosperity and the cost of leisure time.
In the report, a typical recipient reporting the waste of time estimated that they had spent 100 hours by engaging in a failed transaction.
The majority of these activities (approximately 60%) were performed during normal working hours, otherwise it may have been spent to be economically productive.
Some people said that the purchasing experience will reduce the likelihood of moving them again.
The report contains things like the impact of people living in housing, which is no longer suitable for their needs, to reduce labor mobility, to slow down less home and housing chains for growing families.
To help prevent sales from falling, Santander wants to see Gazumping, in which a seller has previously agreed verbally, he accepted another higher bid in their homes, and a recipient reduces his bids at the last minute.
The bank also wants to see better information from those who participate in the transactions.
In the report, he said: “At the front of the process in Australia, the contracts are signed shortly after accepting the seller, since the gas provides additional security and protection from the gas, the bids are usually legally binding.
“Scotland, Spain and the United States also offer some kind of certainty.
“In the Scottish system, proposals are legally binding. This is possible by going to the forefront.”
Santander also calls for a central property data system and more AI use.
In the report, he said: “Increasing the use of AI during the processing process will create a more trouble -free journey for everyone.
“Automating management tasks, lifting the load from carriers and lenders, it allocles time to spend the elements of transactions that require expertise and provide the highest value for customers.”
Mr Morris, “Buying a house should be an excitement and hope, but for too many people, it is an ambiguous and exhausting process that empties their mental, emotional and physical health.
“The home purchase journey is still operating on the borders of a framework established a century ago.
“This antique system is an increasingly heavier hoe that focuses on the economy and improves it.
“Although the government has put the housing market strictly on its agenda, the scale of the difficulty is not greatly appreciated, and therefore we call for strong reforms to give more confidence to buyers and sellers, facilitate financial and emotional challenges and create a housing system in accordance with the needs of today’s consumers and economy.”
