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June 04.2025

2 Minutes Read

How Financial Institutions Can Help Speed Up Property Transactions

Smiling woman portrait symbolizing easy property transactions.

The Need for Speed: Enhancing Property Transactions

Property transactions in the UK have long been characterized by frustrating delays, leaving buyers, sellers, and professionals grappling with an overly protracted process. According to industry experts like Beth Rudolf, director of delivery at the Conveyancing Association, the time taken from listing a property to completion often stretches over months, which can erode consumer confidence and result in lost opportunities.

Improved Timeframes: What the Data Reveals

Latest reports indicate a promising shift in the landscape of property transactions. The Council for Licensed Conveyancers (CLC) Confidence Tracker reveals that the average time from offer acceptance to completion has improved significantly, now ranging between three to four months. Additionally, TwentyCi data shows that the median exchange time has dropped to 16 weeks from the previous highs of 20 weeks, suggesting that concerted efforts by stakeholders such as conveyancers, lenders, and estate agents are beginning to bear fruit.

Emphasizing Certainty Over Speed

While swifter transactions are beneficial, they must be coupled with certainty to truly enhance the consumer experience. The industry must maintain a collaborative approach, working towards not just faster transactions but ensuring reliability and transparency throughout the process. This sentiment aligns with calls from various professionals who advocate for systemic reforms, including digitization, to streamline operations further.

Path Forward: Collaboration is Key

For meaningful change to occur, there must be an ongoing commitment to collaboration among all parties involved. By fostering transparency and adopting new technologies, stakeholders can reduce the risk inherent in property transactions, paving a more efficient pathway for all parties involved. The collective ambition is not just to speed up processes but to enhance the integrity and trust in transactions.

Conclusion: The Time for Action is Now

As the UK property market continues to evolve, financial institutions and service providers must advocate for and implement changes that benefit consumers. The progress made thus far is encouraging, but sustained collaboration and innovation will be essential in achieving a more efficient and transparent property transaction system.

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InterBay and Santander Rate Cuts: What This Means for Financial Institutions

Update InterBay and Santander Offer Hope with Recent Rate Cuts In a significant shift in the mortgage landscape, InterBay has enacted cuts of up to 50 basis points on its commercial mortgage rates, a move that signals newfound optimism within the sector. Meanwhile, Santander is poised to trim rates across various residential deals starting Monday as part of an effort to attract new customers and support existing ones amidst changing economic conditions. The Details Behind InterBay's Commercial Rate Reductions InterBay, a key player within the OSB Group, has made strategic adjustments to its semi-commercial product range, now starting at 5.34% for two-year fixed rates and 5.89% for five-year fixed rates. These enhancements include a flexible arrangement fee ranging from 1% to 4%, tailored for diverse borrowers. Additionally, a 20 basis point reduction has been instituted for its commercial owner-occupier products, with fixed rates starting from 6.39% for two-year terms. Marc Callaghan, the head of commercial lending at InterBay, emphasized the growing demand within the commercial market, which has prompted these reductions. “We’ve been able to move quickly to support our brokers and their clients with tangible benefits such as rate reductions and lower fees,” he stated. Santander's Timely Response to Market Needs Santander’s rate adjustments aren’t far behind, with reductions on products for home movers, specifically in the 75% to 95% loan-to-value range. Two-year fixed rates will see a decrease of up to 10bps, while three- and five-year fixes will be trimmed similarly. Such moves reflect Santander's ongoing assessment of the competitive climate, especially after postponing its third quarter results due to external factors related to the car finance compensation scheme. Market Trends: A Bright Horizon? Industry experts like Rob Jupp, CEO of Brightstar, have lauded InterBay's decision, attributing it to a broader trend of decreasing base rates set by the Bank of England. Jupp notes, “With investors increasingly focusing on high street properties, many are integrating residential units alongside retail spaces to optimize their investments.” This shift may herald a renaissance for high streets long in need of revitalization. The Importance of Staying Informed These strategic rate cuts from two significant lenders not only provide immediate financial benefits but also reflect a larger trend in the market, emphasizing the importance of awareness and adaptability for brokers and investors alike. Keeping abreast of these changes can facilitate better decision-making for those seeking to maximize their investments amidst evolving economic landscapes.

Unlock Savings: Foundation and Leeds Building Society Trim Mortgage Rates for Borrowers

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How Financial Institutions Can Help Speed Up Property Transactions

The Need for Speed: Enhancing Property Transactions

Improved Timeframes: What the Data Reveals

Emphasizing Certainty Over Speed

Path Forward: Collaboration is Key

Conclusion: The Time for Action is Now

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