UK pulse report shows optimism about the property market

At Dye & Durham, we’re excited about the launch of our first UK Pulse Report.

This quarterly survey of the UK public, on topics related to the economy, the property market and technology, aims to capture meaningful consumer insights that solicitors can use to inform their practice and business planning.

Highlights from this quarter

Consumers are still feeling the financial pinch

Almost half of the survey’s 2,151 respondents (47%) say their finances are in a worse place today than they were 12 months ago.

This is even more evident for those aged 35-54, 52% of whom say they are financially worse off than a year ago.

Out of the whole sample, just 16% say their finances have improved in that time.

There are signs of optimism for the property market

Despite the negative trend around personal finances, sentiment toward the property market is showing signs of improvement.

A separate Dye & Durham survey conducted in the UK in March 2023 found 10% of UK respondents were planning to delay property purchases to wait for lower interest rates or asking prices. That’s down to 5% today.

Similarly, the survey found that 2% of respondents sold their primary residence and purchased a new one in the past 12 months, while 3% plan to do the same in the next 12 months.

When we tied the high cost-of-living together with the property market, we found most people (58%) would consider moving if it meant life would become more affordable.

People have not yet fully embraced AI

As a technology company, we’re always thinking ahead about the innovations that can add value to our customers.

So, we wanted to know how people are thinking about the hottest tech topic around – artificial intelligence (AI).

We asked whether they had tried a generative AI tool like ChatGPT either for personal or professional use and found the vast majority had not.

We also asked how comfortable they would be with a range of professional services providers integrating AI into their businesses and practices.

Only 16% said they would feel comfortable with property/real estate agents using AI, reducing to just 14% for financial advisers and insurance brokers, 13% for mortgage brokers and 11% for solicitors and conveyancers.

What would help them feel more comfortable with solicitors and conveyancers using AI?

• 27% said they would be more comfortable if it was used to improve their performance without replacing a real person
• 26% said if it would guarantee a better outcome or better accuracy
• 25% would also feel more comfortable if it would significantly reduce the cost of the service provided

AI has great potential to deliver cost efficiency and accuracy benefits for law firms, but it’s clear more education is needed to help clients understand how these benefits are passed onto them.