The United Kingdom’s largest property portal, has revealed its intentions help potential buyers to understand their financial position much earlier in the home-moving process.
Rightmove said that research among its real estate agents discovered that buyers not knowing what they can borrow before they request viewings can be a significant source of wasted time and delays.
The aim, it said, is to encourage buyers to become more financially prepared for their move earlier in the process, meaning they can benefit from greater confidence and certainty about their budget during their property search.
The first stage will see Rightmove launch an education programme during 2022, explaining the importance of being financially prepared much earlier in the process. Messages will explain why having a mortgage agreement in principle earlier in the process will put buyers in a more powerful position when they find a property, and will show they are a serious buyer.
Rightmove will continue to explain to buyers who also have a property to sell why being a power buyer is key in today’s fast-moving market, and that by getting their own property onto the market first before looking for somewhere to buy puts them in the best possible position.
Prospective buyers have been able to access an Affordability Calculator, Rate Tables and Decision in Principle journeys via Rightmove for more than two years, and during 2022 the portal will be experimenting with more integration of these tools on its platform, with the aim that prospective buyers can be better prepared and therefore better qualified for agents.
Rightmove will be working with real estate agents at each stage of the plan to ensure that it helps them, and the wider industry, to improve the home-moving process.
Dave Cray, a Director of Rightmove, said: “We know that many buyers currently consider their financial position quite late in their home move, and as a result a lot of time and energy can be wasted by both the buyer and the agent.”
“We want to help all involved in the home-moving process by encouraging more buyers to consider their finances sooner, and as a result to gain more confidence about what they can really afford.”
“We will inform, educate, and support buyers with relevant and valuable information that we hope will encourage early mortgage consideration, and ultimately lead to more mortgage agreements in principle earlier in the journey.”