It’s no secret that the homebuying and selling process has become more complex, slower and less certain, despite continued calls for reform.

Santander’s recent Fixing the Broken Chain report revealed that slow completions and failed transactions are costing the housing market £1.5bn a year.

With 530,000 property sales falling through annually, too many buyers only discover crucial details after making an offer, leading to unnecessary delays, risk and frustration.

Santander concluded that “the current home buying and selling process is loaded towards obtaining crucial property information once the decision to buy has been taken”, calling for upfront disclosure and digitisation as critical reforms.

The good news? Consumers already back this solution.

At Iamproperty, our latest survey shows overwhelming support from both buyers and sellers for upfront material information.

Four in five (80%) said they value the way it reduces fall-throughs, while the same number believe it builds transparency and trust between parties. A further 83% said it gives buyers fuller knowledge, and 68% of sellers feel positive about supplying upfront documentation.

Results

But the message from consumers goes even further. When asked what they value most in the moving process, the results were clear:

• 93% prioritise commitment from the other party to the sale
• 90% want certainty that the sale will go ahead
• 89% value better communication between parties
• 87% want a faster process
• 84% place importance on minimising stress
• 79% want more control
• 88% want the process to be simple and easy to understand

For those who have experienced or know of the Modern Method of Auction (MMoA), the benefits stand out even more strongly. 77% said they liked the certainty provided by MMoA, while 74% pointed to the higher completion rates compared with private treaty sales.

Delivering speed

With average completion times now exceeding 200 days, both Santander’s research and our own data underline that the path to faster, more efficient sales lies in better access to upfront material information and digital governance.

For Estate Agents, this represents a real opportunity to differentiate by meeting consumer demand for speed, security and transparency.

Addressed earlier

That’s why we’ve developed Premium Conveyancing, which is designed to make private treaty sales exchange-ready faster by carrying out key legal work upfront, using everything we’ve learnt from over 15 years of championing the MMoA, the success of which is built around upfront information.

With pre-sale title checks, legal search reviews and standard enquiries addressed earlier, Premium Conveyancing minimises delays and reduces fall-throughs. The service achieves an average completion time of 80 days, and the overall fall-through rate of more than 1,000 transactions was just 11%.

Less stressful

And of course, in auction, the benefits are well established. With upfront material information in place, we achieve a 95% completion success rate and average timescales of 56-days, on standard properties from receipt of draft contracts.

Consumers have already told us what they want: security, transparency and a faster, less stressful process. The industry now has an opportunity to deliver on those priorities by embracing upfront information and digital solutions at scale.

The solution is ready. Consumers are ready. It’s time for the industry to move forward.”

Whether through auction or Premium Conveyancing, estate agents have the tools to build confidence, give clients greater control, and modernise the moving experience – all while tackling the £1.5bn problem of failed transactions.

The solution is ready. Consumers are ready. It’s time for the industry to move forward.

Ben Ridgway is Co-Founder of iamproperty

More on upfront information