Nine in 10 homeowners would be prepared to pay around £300 upfront to help guarantee a smoother and faster property transaction according to new research that signals support for long-awaited reforms to England and Wales’ homebuying process.

Property Soup  reports that rhe study, commissioned by LRG, surveyed 221 buyers and sellers and found that 90% of sellers would consider funding a comprehensive upfront information pack if it improved speed and reduced the risk of deals collapsing.

Such a pack could include energy performance certificates, title documents, searches, leasehold information and answers to standard buyer enquiries – material typically gathered later in the conveyancing process.

However, enthusiasm is tempered by caution. Half of respondents said they would want proof that reforms would work before committing their money, while only 22% would pay upfront without reservation.

HOMEBUYING ROADMAP

The findings come as the government prepares to publish a roadmap following its recent consultation on improving the homebuying process. Previous attempts at reform, most notably Home Information Packs (HIPs), were abandoned after failing to reduce duplication and delays.

Kevin Shaw (main picture, inset), National Sales Managing Director at LRG, says: “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 (HIPs) is that any new system must ensure the information is used and not duplicated.”

CASE FOR REFORM

Buyer sentiment may strengthen the case for reform. The research found that 51% of buyers would be more likely to make an offer if more information were available upfront, with 22% saying it would significantly increase the likelihood.

Shaw adds: “This is the key difference. If buyers are genuinely more likely to make offers based on this information – and, according to our research, they are – then sellers will see a real return on their investment. It’s not just about providing information; it’s about providing information that influences decisions.”

REDUCE FALL THROUGHS

And he says: “As we outlined in our formal response to the government consultation, we believe that if upfront information is implemented correctly, it could naturally reduce fall-throughs without the need for more interventionist measures like binding contracts, and buyers armed with comprehensive information are more likely to commit with confidence.”

Awareness of the government’s plans appears relatively high, with 65% of respondents saying they had heard about proposed changes. Half also backed the creation of a permanent digital property record containing sales history, surveys and certification.

Shaw says: “If these reforms are executed well, the entire chain benefits. Faster transactions, fewer fall-throughs and sellers who feel their investment was worthwhile. But get it wrong, and we’re back to square one.”