A new study has revealed over half of homeowners (53%) would be prepared to pay for a home information pack (HIP) if it meant avoiding a fall-through.
This comes according to digital property pack provider Moverly, whose survey of homeowners also revealed 39% of homebuyers would pay for a HIP if it simply meant a quicker transaction. Indeed, it is estimated by the researchers that a HIP could speed up transactions by as much as 70%.
Around half (48%) of those surveyed stated that they would be prepared to pay up to £100 for a comprehensive HIP, with 30% happy to pay up to £250 and some as much as £1,000.
The survey also revealed that 63% of home sellers to have sold a home within the last year experienced delays when doing so, with one in five seeing their transactions collapse and one in 10 being subject to more than one fall through.
What’s more, 39% felt that the process of having to provide information about their property at various stages along the transaction timeline was a contributing factor to the delay of their sale.
35% also felt that having to regularly deal with their estate agent in order to do so was a laborious process, while 42% felt the same when it came to dealing with their conveyancer.
With regards to fall-throughs, one in five saw their transaction collapse due to these delays, while one in 10 experienced a fall through on more than one occasion.
“The property selling process has evolved considerably in recent years and technology has helped to streamline the process in many ways,” said Moverly co-founder Ed Molyneux, who is also involved in the development of the Property Data Trust Framework with the Home Buying and Selling Group. He continued:
“However, it’s fair to say that [the process] remains a tad archaic in many other respects and, as a result, many sellers are subject to delays in their transaction timeline at best and their sale collapsing at worst.
Unfortunately, it looks as though sellers are set to endure an even greater degree of market turbulence over the coming months as interest rates continue to climb and the market tries to find its feet.
The good news is that you can take a proactive approach to selling and a home information pack is one tool that allows you to do this, increasing the speed of your sale and reducing your chance of being hit by a fall through.
While many sellers will pay good money for this increased level of stability, they may be surprised to learn that a comprehensive digital home information pack can be acquired for as little as £50. Well worth the money when you consider the average fall through now costs home sellers more than £3,000.”
4 responses
I have no doubt if you surveyed homemovers *before* they marketed their property, not after they have endured the horrendous conveyancing process, then the result would be much less than 39%.
I have no doubt if you surveyed homemovers *before* they marketed their property, not after they have endured the horrendous conveyancing process, then the result would be much less than 53%.
£100.00 is not going to get a “comprehensive” information pack. It will be a cut & paste of cheap searches that we will end up having to re-do to get good quality results.
Searches cost a minimum of £170 and those are personal ones. Then there is the time spent putting together the pack; the forms and checking them. A decent pack put together by a reputable individual/firm should set you back £400. Don’t forget as well, Management Company Packs which will add on another £150-£600.
But still; you can only move at the speed of the slowest person in the chain. Mortgage offers are not quick to come out, a lot tend to instruct surveys once they are certain of a sale/mortgage and then there is the awful chain checking/sales chasing from estate agents to contend with. I agree though, HIPS should come back but they should be regulated and to a certain standard with a greater degree of flexibility of the expiry of searches and Management Packs.