The Council for Licensed Conveyancers (CLC) has backed the government’s proposed reforms to the homebuying process, as new research suggests confidence in the property market has weakened among both consumers and industry professionals.
The CLC’s latest Confidence Tracker found that 45% of property professionals were confident in the stability of the current market, down from 54% when the survey was last conducted earlier this year.
Confidence also declined among consumers. The proportion of buyers expressing confidence fell from 36% to 21%, while confidence among sellers dropped from 24% to 15%. The CLC said the results also reflected wider concerns about the economic outlook.
The organisation is encouraging licensed conveyancers to support the government’s proposed reforms, which follow two public consultations and are intended to reduce delays and the number of property transactions that fall through before completion.
The proposals include the introduction of legally binding agreements earlier in the transaction process, supported by upfront information packs containing key property details. The government says the changes will enable buyers and sellers to make more informed decisions and improve certainty as transactions progress.
Stephen Ward, head of strategy and external relations at the CLC, said: “The CLC has a long history of championing innovation and modernisation, and we will be working hard to ensure these reforms take hold.
“This is a significant and exciting step forward in improving the whole process, not just for consumers but also everyone involved in home buying and selling, so we urge the property market to continue its collaboration to make this vision a reality.”
Just 17% of the 87 respondents said they believed the speed and efficiency of the conveyancing process was improving, with the average transaction still taking between three and four months to complete.
The survey also found that 36% of respondents had delayed investing in new technology or redesigning their processes while awaiting details of the government’s proposed reforms.
Ward added: “I firmly believe we will look back on this moment as a major turning point in transforming a broken system into one in which consumers and professionals alike will have much greater clarity, certainty and confidence.”
The CLC is working with Raidiam and the Open Property Data Association on a pilot Smart Data Property Trust Framework designed to enable the secure sharing of verified property information between parties involved in a transaction. The project is being supported by a £750,000 grant from the Regulators’ Pioneer Fund.
Separately, the CLC has joined the government’s new AI Growth Lab, which will allow lawtech companies and conveyancing firms to test AI products in a controlled environment before they are deployed more widely.
