Nine out of ten home sellers would be prepared to pay approximately £300 for upfront property information and legally binding offers if it accelerated the sales process, according to research by conveyancing firm LRG.
The survey of 221 buyers and sellers found that nearly half of respondents had experienced a transaction collapse after an offer was accepted. The research indicates 80% support making offers legally binding, while 90% of sellers expressed willingness to pay for comprehensive upfront information.
Conditional support for reforms
Despite the high level of willingness to pay, 68% of respondents said they want evidence that the reforms would deliver tangible benefits before committing funds. A further 10% oppose the proposals entirely.
Kevin Shaw, National Sales Managing Director at LRG, said: “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 seller packs are expected to include Energy Performance Certificates, title information, property searches, lease details and responses to standard buyer questions.
Awareness of consultation
The survey found that 65% of respondents were already aware of the Government’s homebuying reform consultation, suggesting market participants are monitoring the proposals closely.
Shaw added: “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.”
The findings highlight ongoing frustration with the current conveyancing system in England and Wales, where offers are not legally binding and transactions frequently fall through after acceptance.
