Research suggests having a survey, legal pack and chain details before making an offer would help buyers make more confident decisions when it comes to making offers on property.
A survey of over 500 buyers, sellers and prospective movers across England found 41% said they would make an offer on a property with more confidence, and sooner, if they had key information upfront, such as a survey, legal pack and chain details.
A similar number said they would offer with more confidence, but not necessarily sooner. A further 13% said it would make little difference, and 5% were unsure.
Commenting on the research Ryan Mathews, Group Managing Director of Surveying at LRG, said: “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 government’s homebuying and selling reform roadmap outlines plans to introduce upfront sales packs which it says is expected to cut buying times by around four weeks and halve the number of sales falling through. LRG say their findings suggest greater confidence is an important benefit alongside speed.
Adds Mathews: “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.
“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.”
