One in five sees their transactions collapse, survey finds
The majority, or 63%, of home sellers experienced delays when selling a home over the past year, with one in five seeing their transactions collapse and one in 10 being subject to more than one fall through.
This was revealed in a survey of more than 1,200 UK home sellers who have sold a home within the last year, commissioned by digital property pack provider Moverly.
The research also found that 39% of the respondents 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.
More than a third, or 35%, also felt that having to regularly deal with their estate agent in order to do so was a laborious process, while 42% felt the same when it came to dealing with their conveyancer.
“The property selling process has evolved considerably in recent years and technology has helped to streamline the process in many ways,” commented Ed Molyneux, co-founder of Moverly. “However, it’s fair to say that it remains a tad archaic in many other respects and, as a result, many sellers are subject to delays in their transaction timeline at best and their sale collapsing at worst.
“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.”
Molyneux, however, pointed out that sellers could take a proactive approach to selling and a home information pack (HIP) was one tool that allowed them to do this, increasing the speed of the sale and reducing the chance of being hit by a fall through.
HIP is a pre-prepared document that compiles all of the information on the property required throughout the home selling process.
The Moverly survey found that 39% of home sellers would have happily paid to compile a HIP if it meant a quicker transaction, while 53% would have paid for it to avoid a fall through.
Nearly half, or 48%, of those surveyed stated that they would be prepared to pay up to £100 for a comprehensive HIP, with 30% happy to pay up to £250 and some as much as £1,000.
“While many sellers will pay good money for this 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,” he said. “Well worth the money when you consider the average fall through now costs home sellers more than £3,000.”
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