Upfront information may speed up buyer offers, claims LRG

Homebuyers would be more likely to make an offer if there was a readymade survey, legal pack and chain details available, a new survey has revealed.

The findings by LRG found 41% would offer with more confidence, although not necessarily sooner, while another 41% said they would be likely to offer sooner. A further 13% said it would make little difference, and 5% were unsure.

Upfront information gives buyers confidence in the offer they are making.”

The balance between confidence and timing varies by type of move. Among family movers upsizing, 48% said they would be likely to offer sooner, while 36% would offer with more confidence but not necessarily sooner.

Among those moving to a similar-sized home, 51% selected greater confidence and 30% said they would be likely to offer sooner.

Ryan Mathews, Group Managing Director of Surveying at LRG, says: “Upfront information usually gets talked about as a way of speeding sales up, and it can help. But it also gives buyers greater confidence in the offer they are making. A survey is an important source of reassurance, helping them understand the property’s condition and any issues that need attention.

“Bringing that information forward gives buyers and sellers the opportunity to address issues earlier and can help reduce the risk of unexpected findings leading to renegotiation later.”

Building confidence

Neil Louth (pictured), Group Executive Director of LRG, adds: “Buyers may take the same time to make an offer while still wanting the transaction itself to progress more quickly.

“Buyers and sellers rightly expect a more efficient and timely transaction. Once a sale is agreed, they want clear progress, fewer avoidable delays and greater certainty about when they can move. Building confidence is essential, but it must go hand in hand with reducing the time between agreeing a sale and completing it.

“That requires agents, surveyors, conveyancers, mortgage brokers and lenders to work more closely together. Digital tools and AI should help us share information earlier, reduce duplication and automate routine tasks, giving professionals more time to resolve the issues that need their expertise.

“The aim should be a process that is quicker, more thorough and more reliable for everyone involved.”