We started Zump because we were frustrated at not being able to find the right home on the market, along with the hassle and barriers which prevented us from exploring interest in our homes.
Our solution, remove the current barriers which force homeowners into being on or off market and create one connected property network.
The current problems with the market
Anyone that’s been house hunting knows there are issues with the current housing market. You scroll through the same properties on Rightmove day after day. Most aren’t what you’re looking for. Some tick all the boxes, but are too expensive, and the few which are perfect have so much competition that you can’t even book a viewing before it’s sold. It all stems from a lack of supply in the housing market.
This limited supply leaves buyers unable to find what they want on the market and deters homeowners from listing their own property. This becomes self-reinforcing and will only get worse.
Research shows that 42% of U.K. homeowners (7.2m households) are thinking about moving, but only around 260,000 properties are listed for sale on Rightmove.
In Bristol and the BS postcodes, this means there are around 110,000 homeowners thinking about moving house, but only 3,500 properties on Rightmove to choose from. That’s less than 1% of Bristol and the BS postcode’s 455,000 properties. A huge gap between what's available and the current demand.
What if you're thinking about selling?
Another cause of this housing shortage is that for those who are on the fence about selling, there are only two options available:
1. Don’t sell
2. Put your house on the market.
The former is an easy option while the latter is a time consuming, complicated and expensive process. You need to find the right estate agent, sign exclusivity contracts, have photos taken, be ready for viewings, all before you know if anyone’s even interested.
However, are you going to go through all of that before you've even found a home you're interested in?
In short, it’s a hassle that most people choose to avoid. This is why most people considering selling just don’t bother, putting it off for as long as possible, which then continues the restriction of property supply.
These factors have caused a huge imbalance in the market. When demand outstrips supply so thoroughly, prices increase. This makes houses unaffordable to many and leaves people trapped in their homes, scrolling through the same unsuitable houses on Rightmove.
Zump is a new way to view the property market. Instead of on market and off market everyone should be in one connected property network.
Owners can create a profile, receive interest from buyers, monitor the market and actually plan for a move to suit their timelines.
Buyers are no longer limited to just 'what's on the market' can find homes where they actually want to live and can put themselves at the front of the queue by starting conversations with owners early in the process. It's a win win and we hope it will change the way we deal with property.