There are some tiny, fragile signs that the UK Property market is recovering – but to make the most of it, we need better government policy and better customer processing. At least one of those is achievable
There’s light at the end of the tunnel for the Estate Agency market, according to the latest economy and property market update by RICS in February 2023. It says: “The more challenging macro environment is clearly visible in both the commercial and residential sectors, with activity numbers slowing markedly. Meanwhile, infrastructure remains a key area of strength as other parts of the construction industry slow the development pipeline, albeit it only modestly.”
Housebuilder Barratt was also cautiously optimistic. Barratt reported a “modest uplift” in reservations of new homes during the first month of the year, but said there had been “more tentative demand” from prospective house buyers so far this year, although this was an improvement on the levels in late 2022.
But if the recovery is coming, it’s a very fragile one. U.K. house prices fell by 1.1% annually in February, their first annual decline since June 2020 and the sharpest contraction since November 2012, according to a widely-watched report from building society Nationwide.
To make the most of these tentative green shoots, two things need to happen: better politics, and making the most of every potential buyer and vendor.
For the UK residential real estate market to thrive, the government needs to provide a stable, long-term, policy and regulatory framework that encourages investment and facilitates speedy development. Estate agency law specialists Pinsent Masons argue that: ‘The market continues to be impacted by the fallout from Kwasi Kwarteng’s uncosted growth plan announcement last autumn… as 2023 progresses, we expect housing policy to remain at or towards the top of the political agenda. Residential developers are likely to seek assurances from both existing and would-be policymakers over long-term housing targets and housing supply requirements in local plans, for example, and seek overdue reforms of the planning system.
The Local Government Association has called for a relaxation of planning laws to boost building and allowing councils to keep 100% of Right to Buy receipts to boost regeneration and help the UK Government meet its target of building 300,000 homes per year.
There’s not a lot that UK estate agencies can do to change the current (chaotic) political landscape. But it can make more of every potential customer.
APLYiD’s seamless ID verification and customer onboarding technology uses biometric checks with the largest credit bureaus in the world to make sure your customers are who they say they are, eliminating fraud and meeting Anti-Money Laundering and KYC compliance requirements.
But more importantly, it works on a customer’s own phone in seconds – requiring no downloads, form filling or complicated processes to complete. That means a huge reduction in abandonment rates and a smoother, better customer experience that can mean the difference between a vendor marketing their home with you vs a competitor.
We partnered with Dawn Sandoval Residential to create a faster, smoother onboarding and identity verification flow. APLYiD’s solution offers frictionless onboarding in just 90 seconds, with biometric checks and document verification, whether the property is owned by an individual, trust, or company.
Gabriella Sandoval, Operations Manager at Dawn Sandoval Residential said:
“APLYiD has taken the weight off our shoulders, giving us peace of mind.”
To make more of every potential customer find out more about APLYiD here.
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