Improving the Home Buying Process, Consumer Research Report 2020
This consumer research explores the home buying process in the UK. 55% of consumers who purchased a home within the past five years, hit at least one problem or bottleneck in the home buying process. The most common problems encountered (by 39%) were chain-related problems, followed by seller-related problems (17%)– e.g. seller withdrew from market, asked for more money, accepted a gazumping offer - and finally property-related problems (13%) – e.g. property defects were found. This report considers who recent home buyers are, how consumers approach and navigate the home buying process, what bottlenecks are encountered along the process and how these bottlenecks can be eased or ended. It also shows data on the number of residential property transactions in recent years. For this report, IRN commissioned research from MIS Group’s UK panel. The research was structured so that 2,051 consumers aged 18+ were asked about their recent home buying actions. This generated 812 individuals who had purchased their current main home in the past five years.
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