In this blog the focus is on the Homebuying Process, a vital component of how building societies serve their members and differentiate themselves in a competitive mortgage market. This chapter of the report was sponsored by PEXA.
Over the last 5 years the macroeconomic environment has been volatile, exacerbating housing supply issues. Limited housing supply is widely recognised as the primary barrier to homeownership in the UK. Addressing this challenge will require sustained and coordinated action from government, as reflected in current policy, given the scale of the issue.
Paul Denton, CEO of Scottish Building Society, offers a suggestion:
“There is undoubtedly a shortage of housing in the UK but not necessarily a shortage of bedrooms. If the government were to create an initiative for people to downsize that didn’t cost them, then it could encourage people to move into homes that are better suited to them, freeing up larger properties. I think there are multiple ways to answer the housing supply problem.”
Additionally, the homebuying process remains a source of frustration for many, with consumers frequently criticising the experience for its inefficiency, lack of transparency, and overall ineffectiveness (UK Parliament, 2022). Ultimately, these factors may have contributed to the 30.9% decline in the number of residential property transactions during that time period (Statista, 2024).
Homebuying Process
Homebuyers increasingly demand speed, transparency, and simplicity. Building societies are responding by streamlining application and approval processes, with many adopting digital ID verification, automated valuation models, and open banking integrations. As expectations continue to rise, delivering a seamless experience becomes central to remaining competitive.
Zack Hocking, CEO at Penrith Building Society, offers a view that was widely shared by his peers at other societies:
“The homebuying process doesn’t work well, it’s very cumbersome with a lot of repetitive activity. There’s clearly an opportunity to improve it.”
Consumer Expectations and Experience
Homebuyers increasingly demand speed, transparency, and simplicity. Building societies are responding by streamlining application and approval processes, with many adopting digital ID verification, automated valuation models, and open banking integrations. As expectations continue to rise, delivering a seamless experience becomes central to remaining competitive.
Broker and Partner Relationships
Brokers remain a critical component in mortgage distribution. Effective collaboration with intermediaries is essential for reaching consumers and delivering consistent service. Societies are investing in systems that improve broker integration and communication.
Speed of Offer and Process Optimisation
Turnaround times are a key differentiator. The report identifies that some societies are already providing mortgage offers in under a week. By leveraging automation, clearer communication, and agile workflows, building societies can help reduce friction and enhance satisfaction, although as Simon Taylor, CEO of Melton Mowbray Building Society, explains, much of the process of buying a property is handled by others:
“Delays in the homebuying process are rarely caused by building societies or mortgage lenders, as we aim to get the money lent as quickly as possible. Instead, delays often occur within some part of the legal chain, surveying, or the other transaction related steps.”
Digital Tools and Automation
Technology is reshaping the homebuying journey. Building societies are implementing customer portals, chatbot support, and e-signatures to simplify engagement. These changes not only improve user experience but also drive operational efficiency.
Sue Hayes, CEO, Nottingham Building Society, explains their approach:
“The homebuying process needs innovation because buying a house remains one of the most stressful experiences. Innovation is central to our 3-year roadmap, which is why we partnered with FinTechs like MQube to support that.”
Trust, Advice and Personalisation
Despite digital advances, homebuyers still value personal guidance. Societies are looking to balance automation with access to expert advice — particularly for complex or first-time buyer scenarios. This personalised support reinforces the mutual sector’s reputation for customer-centricity.
Beyond Technology: Reassurance and Control
For many consumers, homebuying is the most significant financial commitment they’ll ever make. Building societies continue to recognise the emotional and financial importance of the journey, positioning themselves as supportive partners through education, communication, and responsiveness.
What next?
Building societies have an opportunity to take a prominent role in improving the homebuying process, something which is strongly aligned to their core purpose of helping people to buy homes. Societies can position themselves as advocates for enhancing the process for prospective and existing homeowners, driving change that reflects their mutual values and benefits the wider community.
This is Blog 5 in our nine-part series covering the Building Societies Report 2025. You can explore the full series here:
- Blog 1: Strategy & Mutuality
- Blog 2: Mortgages
- Blog 3: Savings
- Blog 4: Branch of the Future
- Blog 5: Homebuying Process
- Blog 6: Green Finance
- Blog 7: Diversification & Collaboration
- Blog 8: Technology
- Blog 9: Regulation, Policy & Risk
The Building Societies Report 2025 was created in partnership with the Building Societies Association and made possible by the support of sector sponsors including: BJSS, Digilytics, Finova, FintechOS, FIS, GDS Link, Mambu, Mast, Monument Technology, Mutual Vision, MQube, nCino, Ohpen, PEXA, Phoebus, RSM UK, SBS, Target Group, Temenos , Unblu, Unisys, and Vilja Solutions.