Homebuyers prioritize quick transactions over cost savings as conveyancing fees increase. – TNT

UK homebuyers say they would rather complete property transactions more quickly than save money on conveyancing, according to new research from Smoove.

The study found that over half (51%) of homebuyers prioritise speed and efficiency over cost savings, highlighting widespread frustration with the slow pace of property transactions. This comes despite rising conveyancing costs, with the total spend reaching £1.9 billion in 2024, up 17% year on year.

The research also revealed that 62% of recent homebuyers experienced unexpected costs during their transaction – ranging from additional legal fees to renovation or repair costs. For more than a quarter (27%), these unplanned expenses were cited as the most frustrating aspect of the process, adding further stress and contributing to delays.

Matt Joy, chief growth officer at Smoove, said: “In what are normally the biggest financial moments in a person’s life, the lack of clarity in property purchases and sales adds a completely new and preventable layer of strain for consumers. Resolving this, with better information and smoother processes, can help reduce delays and fall-throughs, and ultimately build more trust in the process.”

Separate findings from the Open Property Data Association show that transactions are now taking a month longer than consumers expect – underlining the need for greater transparency and efficiency across the homebuying process, according to Smoove.

Joy added: “For conveyancers, with homebuyers not necessarily chasing the cheapest service, there is an opportunity to work to value-based pricing. Conveyancers can take comfort that charging the right amount for their expertise won’t be a deal-breaker for consumers, so long as it is planned for and supports a smoother transaction experience, enabling more sustainable business models in the industry.”