Home sellers could struggle with problem properties
Sellers could struggle with problem properties, as government moves to force homeowners to list property issues upfront
The latest research from nationwide cash buying company and quick sale specialists, Springbok Properties, has found that sellers could face a tougher time finding a buyer, as government plans to force them to list known issues with their homes risk deterring almost half of potential purchasers, a move that would see half of potential buyers bypass their home, with 94% stating they would offer below asking price.
The Government has launched a consultation on home buying and selling reform, which proposes that sellers and estate agents must provide buyers with full property information upfront before a home can even be listed for sale. The aim is to improve transparency, cut delays, and reduce the number of transactions that fall through due to late or incomplete disclosures.
Currently, much of this information is provided through the TA6 Property Information Form, which includes details such as boundaries, planning permissions, neighbour disputes, insurance, flooding, and known structural issues. However, the form is not mandatory and, as a result, many buyers are still left in the dark about potential problems before committing to a purchase.
A new survey of over 1,000 current homebuyers commissioned by Springbok Properties found that 32% do not believe they were provided with a TA6 form when buying their last home, while 55% are unsure.
As a result, around one in ten (9%) said they later discovered issues after completing the purchase, with the most common being structural problems (28%), nearby development or construction plans (19%), flooding issues (13%), and problems with pests (11%).
Recent research by Springbok Properties shows that this can be a costly issue to face, with structural issues being the most costly of all, devaluing a property by as much as 20%, or £54,000, based on the current average UK house price.
It is perhaps no surprise, then, that 78% of those surveyed support the Government’s proposal to make it mandatory for sellers and agents to provide full upfront property information.
However, additional insight from Springbok Properties shows that it could make the process of selling a home far more difficult.
An additional survey of over 1,000 homebuyers found that half (49%) would be deterred from buying a property if such issues were listed, while a further 94% said they would offer below the asking price as a result.
Shepherd Ncube, CEO of Springbok Properties, commented:
“While greater transparency will undoubtedly help buyers make better-informed decisions, it also risks leaving some sellers stuck with homes that are far harder to shift.
We often see sellers turn to our cash buying service because they’ve inherited a property or are struggling to sell one with serious issues that deter traditional buyers. Better upfront information would certainly help protect buyers from expensive mistakes, but it could also increase the number of sellers facing stalled transactions.
The good news is that there are still options for these sellers. Property cash buying companies like Springbok Properties can purchase any home, regardless of its condition or history, offering a guaranteed sale and providing a clear exit route without forcing sellers to conceal problems just to secure a buyer.”
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