Workdays lost to buying a property
The booming property market is sending house prices rapidly upwards but the sheer amount of time it takes to sell and buy a property has been found to cost British businesses thousands of pounds every day.
Research commissioned by Purplebricks.com, the UK's first 24/7 Estate Agency, has found that 20% of British employees are spending over two hours every working day on the property selling and buying process. This is as a result of rigid traditional high-street estate agents only operating from 9am – 6pm, leaving the seller and buyers with little other option than to take time out during their working day to sell and secure their dream home.
Research shows that the average search and subsequent purchase of a property takes 4 months, during which time Purplebricks.com has discovered that an average of 13 working days per employee are lost by businesses, with their employees spending their time on the process of selling and buying rather than their work commitments.
Using the average UK salary (£26,500), this equates to a cost of £1,421 per person to UK businesses per employee. With recent statistics from HMRC detailing that 930,000 houses were bought in the 2012-2013 financial year, the overall cost to UK businesses is vast.
Michael Bruce, Chief Executive of Purplebricks.com, said:
"The traditional estate agency model is significantly flawed. They insist that the public comply with their working hours, however we now live in a 24/7 society and estate agency is one of the only services that does not reflect this. It is unfortunate that people have little choice but to conduct their property sale, search and purchase during working hours, and it is a shame that customers are inconvenienced and British businesses are impacted as a consequence of this outdated model.
"Purplebricks.com will significantly reduce the amount of time people spend on this process. Our unique platform gives customers complete access to the whole selling, letting and buying process at the click of a button, 24 hours a day! Whether you want to book a viewing at 10pm, make an offer at midnight or agree a sale at 7am – Purplebricks.com is an integrated property platform that allows you to do so.