In a candid exchange with members of the Levelling Up, Housing, and Communities select committee, Kate Faulkner, a prominent figure in the property sector, highlighted the daunting complexities plaguing the home sale process. Faulkner, who spearheads the Home Buying & Selling Group (HBSG), painted a stark picture before MPs, revealing a staggering involvement of around 15 entities in any given transaction, often operating in silos rather than collaboratively.

“It’s a miracle,” Faulkner emphasized, referring to the successful completion of home transactions, during her testimony before the committee. She underscored the sheer dedication and perseverance of individuals navigating this labyrinthine process, underscoring the astonishing feat of homes actually changing hands.

Faulkner’s remarks underscored the urgent need for a paradigm shift in the industry. She called for a comprehensive overhaul, advocating for mandated upfront disclosure of information as a crucial step towards streamlining transactions. As chair of HBSG, representing a spectrum of stakeholders including estate agencies, conveyancers, proptech firms, and search providers, Faulkner positioned herself as a voice for systemic change.

Drawing from past missteps, Faulkner pointed to the failure of Home Information Packs (HIPs), attributing their demise to inadequate technology and subpar data quality. She stressed the imperative for modernized versions of resources like the How To Rent guide, extending coverage to encompass the intricacies of buying, selling, and leasing properties.

Faulkner’s testimony served as a clarion call for a revolution in the way real estate transactions are conducted, urging lawmakers to heed the pressing need for reform in an industry long mired in inefficiency and fragmentation.