Lack of up-front information still scuppering home sellers

More than six out of 10 home sellers have experienced delays in the last year when doing so with one in five seeing their transactions collapse and one in 10 subject to more than one fall through, latest analysis from Moverly reveals.

Research from digital property pack provider also found that for the majority of sellers (63%), the timeline in which they had to move was an important factor when entering the market.

DELAYS

But the same amount also stated that they encountered delays to this timeline when selling their home within the last year.

Four out of 10 (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.

Just over three in 10 (35%) also felt that having to regularly deal with their estate agent in order to do so was a laborious process while four out of 10 (42%) felt the same when it came to dealing with their conveyancer.

One in five saw their transaction collapse due to these delays while one in 10 experienced a fall through on more than one occasion.

HOME INFORMATION PACK

Four out of 10 also stated that they would have happily paid to compile a home information pack (HIP) if it meant a quicker transaction, while over half (53%) would have paid for a HIP if it meant avoiding a fall through.

Ed Molyneux, Moverly co-founder, says: “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.

“ While many sellers will pay good money for an 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.”