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Key points raised from the Summer Series will be announced shortly;
Topic 1 - There is a general desire for everyone in the industry to join up the dots in the process when working with each other. Look at how the industry seems resistant to change and introducing technology that increases efficiency – what can be done to improve this?
- Different law firms are evolving at different speeds. Unfortunately, as the speed of the transaction is often dictated by the slowest in the chain, new technology can still fail to make any impact.
- There is caution about adopting new technology that may be untested and so most law firms would prefer to follow rather than lead.
- New technology can create more problems than it solves as users have to get used to the new systems and transfer data from the old to the new.
- As the industry is fragmented, the client remains the problem as they don’t understand the process and do not know who to go to for help and when.
- There is an expectation among younger customers that money should be transferred instantly and so they get concerned on completion days when the money appears to be “lost” between solicitors.
- It was agreed that the customer should be looked after by professionals in order, firstly, the estate agent, secondly, the broker/IFA and thirdly the lawyer until keys are handed over. In reality, this gets muddled and technology is not seen to be of significant help, despite portal, text messages or other digital communication.
- Completion days should be a celebration but on-line agents who get paid upfront are making the event difficult by their lack of involvement post sale.
- High Street Estate agents are seen as invaluable communicators in the process and examples of how phone calls are often still the best way to reassure an anxious client.
Topic 2 - Are rising prices helping First Time Buyers in Northampton or helping people to move into the region from other areas? A recent study has shown that the average Northampton worker would need a £20,000 pay rise to afford a mortgage? How does this affect the housing market?
- This is not a local problem but a national one and even with Help to Buy, there are challenges for low paid workers in saving deposits and general affordability.
- There is a marked rise in First Time Buyers from EU countries, including Hungary, Romania and the Czech republic who have been careful with money and have a good saving habit. They are moving to Northampton from areas like Peterborough and Bedford.
- There is a rise in the number of shared ownership and leasehold transactions as they are more attractively priced than other re-sale properties.
- There is a general concern with Help to Buy that they will not be able to repay the Government loans later on.
- Attendees discussed referral fees and whether they were a good or bad thing for the residential property market. There was a consensus that agents will always look for remuneration in one way or another, but there was no substitute for great service from law firms.
These events are exclusive and limited by numbers. Therefore, if you would like to recommend a friend to attend please contact Hannah Dukes on:
0800 840 5571 hannah.dukes@tmgroup.co.uk
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