Lack of digital tools adds to stress of property purc…
UK homebuyers have expressed support for more digital tools to reduce the administrative burden of purchasing a property yet few have actually used any.
Research by anti-money laundering platform Thirdfort found that while two-thirds of UK homeowners say providing paper documents to a property professional such as an agent, broker, lawyer or lender would benefit from being digitised, 60% have not used any digital tools.
Thirdfort suggests poor use of digital tools is causing delays and adding to the stress of a sale.
Just 11% have used digital tools to share bank statements, utility bills and payslips to a property professional, the research found.Only 10% have used digital ID tools to verify identity with a property professional, while just 5% have used Open Banking to share bank details for funds or credit checks.
The survey of 2,054 UK adults by YouGov also shows many homeowners have been adversely affected by delays. Just under a third (27%) have experienced stress, while 16% have experienced the house or property chain falling through, and 15% needed to do more administration.
Olly Thornton-Berry, co-founder and managing director of Thirdfort, said: “Homebuying is an area that stands to be transformed by digital tools. This sea change has begun. Innovations now enable homebuyers to verify their ID digitally, helping cut the length of the transaction by up to a month while reducing the risk of fraud and money laundering.
“But our research shows that while UK homeowners agree digital tools can help, very few are using the tools available. As a result, they are experiencing increased stress, administration, and risk of the property chain falling through. Many estate agents, lawyers and lenders have adopted a digital approach to client verification. But we need more forward-looking property professionals to embrace the latest technology – for buyers, their businesses, and the economy.”