Home-sellers ready to pay £300 to speed up sales

Big estate agency says vendors willing to fund upfront property packs if reforms genuinely cut delays and fall-throughs.

The vast majority of sellers are prepared to spend around £300 on upfront property information and support making offers legally binding if it leads to faster, less stressful transactions, according to research by LRG.

The survey of 221 buyers and sellers reveals deep frustration with the current system, with nearly half having experienced a transaction collapse after an offer was accepted.

Kevin Shaw (pictured), National Sales Managing Director at LRG, says: “The appetite for change is undeniable, with 80% supporting legally binding offers and 90% of sellers willing to pay for comprehensive upfront information if it meant a faster, more secure process.

Sellers are telling us they’re ready for change, but they’re not prepared to pay for another failed experiment.”

“Sellers are telling us they’re ready for change, but they’re not prepared to pay for another failed experiment.

“The lesson from Home Information Packs is that execution matters, but with the right implementation, these reforms could finally deliver the reboot our industry needs.”

The Government’s proposed packs are likely to include EPCs, title information, searches, lease details and answers to standard buyer questions. While willingness to pay is high, 68% want proof the reforms will deliver real benefits before committing money, and 10% oppose the idea outright.

“If implemented correctly, these changes could make a real difference to the thousands of families across our region who simply want to move without the fear of it all falling apart at the last minute,” Shaw says.

Awareness of the Government’s homebuying reform consultation already stands at 65%, suggesting buyers and sellers are closely following how the proposals develop.