Upfront information: homebuyers want confidence as much as speed
What movers want from upfront information, and it isn’t only speed
Having a survey, legal pack and chain details before making an offer would help more than eight in ten respondents, according to LRG’s latest sales report
Of the 553 who answered the question, 41% said they would offer with more confidence, although not necessarily sooner, while another 41% said they would be likely to offer sooner. A further 13% said it would make little difference, and 5% were unsure.
For MAP Chartered Surveyors, LRG’s national surveying business, the findings underline the value of earlier information in helping buyers make informed decisions.
When the government announced its homebuying reforms in June, it said the measures, including upfront sales packs, were expected to cut buying times by around four weeks and halve the number of sales falling through. LRG’s findings suggest that greater confidence is an important benefit alongside speed.
Ryan Mathews, Group Managing Director of Surveying at LRG, says: “Upfront information usually gets talked about as a way of speeding sales up, and it can help. But it also gives buyers greater confidence in the offer they are making. A survey is an important source of reassurance, helping them understand the property’s condition and any issues that need attention.
“Bringing that information forward gives buyers and sellers the opportunity to address issues earlier and can help reduce the risk of unexpected findings leading to renegotiation later.”
The balance between confidence and timing varies by type of move. Among family movers upsizing, 48% said they would be likely to offer sooner, while 36% would offer with more confidence but not necessarily sooner. Among those moving to a similar-sized home, 51% selected greater confidence and 30% said they would be likely to offer sooner.
Ryan adds: “Plenty of buyers don’t arrange their own survey until a few weeks after an offer is accepted, and some rely on the lender’s valuation alone. A mortgage valuation helps the lender assess the property for lending purposes; it is not a substitute for a survey advising the buyer on its condition.
“There are practical points to settle as well. Where a seller commissions a report, buyers need to understand what it covers, how current it is and whether they can rely on the advice. Otherwise, people can end up paying for the same work twice.”
Neil Louth, Group Executive Director of LRG and CEO of The Acorn Group, concludes: “Buyers may take the same time to make an offer while still wanting the transaction itself to progress more quickly. Buyers and sellers rightly expect a more efficient and timely transaction. Once a sale is agreed, they want clear progress, fewer avoidable delays and greater certainty about when they can move. Building confidence is essential, but it must go hand in hand with reducing the time between agreeing a sale and completing it.
“That requires agents, surveyors, conveyancers, mortgage brokers and lenders to work more closely together. Digital tools and AI should help us share information earlier, reduce duplication and automate routine tasks, giving professionals more time to resolve the issues that need their expertise. The aim should be a process that is quicker, more thorough and more reliable for everyone involved.”
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