A survey by Compare My Move suggests that up to a fifth of home-buyers have pulled out of their purchase before completion, while half of those questioned said Scottish-style rules would improve the moving experience.
The survey of 2,000 adults in England and Wales found that more than half of those questioned (52%) said they would prefer sellers to be required to commission a survey before listing their property, as is the case in Scotland. Three quarters (76%) of those in favour of the move said it would help them to understand the condition of the property before committing to an offer.
Of the 19% of people surveyed who said they have pulled out of a property deal after having an offer accepted, the need for major repairs to the property was cited by almost half (46%). Failed negotiations came second on the list (30%), with mortgage issues closely behind (29%).
Almost a quarter of respondents (22%) said they would prefer formal offers to be made via solicitors instead of estate agents, with 18% saying they’d like to see a ‘blind bidding’ system introduced, where sellers set a minimum price and buyers submit confidential offers above or around that amount.
Dave Sayce, co-founder and managing director of Compare My Move, said of the findings:
“Buying a home is emotional, expensive and not without its pitfalls. Our data shows just how many people are forced to pull out – often due to issues that could have been spotted earlier or planned for. The more informed you are, the more confident you’ll feel about your decision – and the more likely you are to see it through.
“Our latest research makes it clear – the home moving process in England and Wales is leaving buyers somewhat frustrated and vulnerable. It’s no surprise so many people are looking to Scotland’s more transparent and structured approach as a better alternative. Whether it’s having a clearer picture of a property’s condition or removing the stress of gazumping, these changes could make a significant difference in the moving experience.”
