It was encouraging to see the government setting out its plans for dealing with the ongoing cladding issue afflicting high rise buildings.
The potential risks of cladding were made horrifyingly clear in 2017 with the Grenfell Tower disaster, but the response to that tragedy has unfairly impacted thousands of property owners.
For years now owners of properties in high rise buildings have been prevented from selling and moving on, or even simply remortgaging, due to questions over the potential presence of cladding. They have effectively been turned into mortgage prisoners, through no fault of their own.
They have also had the huge question mark of who should pay for the removal of potentially dangerous cladding looming overhead throughout, with initial plans announced last year actually suggesting that flat-owners in certain tower blocks would have to contribute towards those costs.
There can be no denying that action on this issue is long overdue, with the authorities having dithered and dallied over coming up with a workable solution.
Sadly, this lack of urgency over affecting change is not a one off and in fact happens far too often when it comes to the property market.
It’s good to talk
This is particularly disappointing when you consider that right now the property market is alive with innovation, with businesses looking to disrupt the old, unsatisfactory ways of working.
Look at the rise of online mortgage brokers over the last couple of years, as well as traditional brokers embracing technology, who have enabled borrowers to find the housing finance they need at a time that suits them, often from their own home, without the need to schedule face-to-face meetings during strict working hours.
There has been significant innovation on the product design front, with a swathe of lenders now delivering the long-term fixed rate options which traditional lenders have shied away from. While a five-year fixed rate deal may be long enough for some, equally there are some borrowers who will want the security a fixed rate provides for a much longer term, but have been unable to access those deals until recent moves from the likes of Habito, Kensington and Perenna.
At ULS technology, my mission is to disrupt the homemoving experience to the benefit of everyone involved, and our systems and innovations are already delivering a tangible improvement. Sales are going through faster, people are being paid quicker, and movers are enjoying a far more satisfying experience as they are better informed about precisely what’s happening with their move.
While we, and other firms like us, are making a difference in improving the homebuying and selling journey, much more can be done. There are limits to what any one firm can achieve, or even a handful of forward-thinking, progressive businesses. However, if the government works with us, takes our views on board and then moves forward swiftly with those recommendations, then we can turbo charge that change.
I want to move
Appetite among the British public to move to a better, more suitable home for their needs remains incredibly strong. The last few years have seen heightened levels of activity on this front, and while some will point towards the incentive of the stamp duty holiday, the reality is that even now that it has concluded there are still significant numbers looking to set up home somewhere new.
Recent data from Zoopla shows 22% are eager to move in the coming year, while Rightmove reported its busiest ever festive period, with demand from buyers up 23% on the same period last year. It’s not just potential buyers either – new listings on Boxing Day were at their highest level ever, for example.
There can be no disputing that there are thousands of people keen to get on with a move, but they are being held back by a variety of factors, not least the possibility of a move stretching on for months at a time. The government rightly wants to level up housing, but that won’t happen for as long as people are prevented from moving by a process that is longer and more burdensome than it needs to be.
Listening to more voices
One of the aspects that holds progress back is that whenever the government holds a consultation on the property market, they are simply conversations with the same old names, the same trade bodies and industry groups. It’s not uncommon for these organisations to be resistant to change, to have what is in effect a vested interest in maintaining the status quo.
They are only too happy for things to remain the same, no matter how mediocre the service being provided to ordinary people may be.
If we are to change the property industry for the better – and we must – then we need the government to listen to a more diverse range of businesses and organisations when conducting its market studies. These new voices have fresh ideas, innovative ways of working and can provide a different perspective.
It’s only by inviting disruptors around the table, and actually taking their input on board, that the powers that be can encourage real and lasting change to the property purchasing journey.
Jesper With-Fogstrup is chief executive at ULS technology
