Homebuyers Demand Clarity as New ⁣Survey Reveals Widespread ⁤Dissatisfaction

A groundbreaking ‍survey has exposed a significant lack of transparency in the⁣ home-buying process, with a ⁣staggering 84% of consumers believing ⁢the system is ‍not obvious for purchasers. The⁤ findings, released by the Competition and Consumer Protection Commission (CCPC), highlight a deep-seated frustration⁢ among buyers, who are calling for greater access to data earlier in the transaction.

Key Findings: A System in Need of Reform

The report, based on research conducted in 2024/25 and ⁢an online questionnaire of 1,007 past, present, and aspirational homeowners surveyed by Ipsos B&A,⁢ reveals a stark reality: buyers are often left “confused,⁣ frustrated and in limbo due to lengthy delays” because of insufficient information.

Trust and Information Sources

when ⁤it comes to trusted sources of information, friends and family emerge as the clear frontrunners, with 79% of respondents relying‍ on them. Buyers’ solicitors and engineers follow closely, trusted by⁤ 78% and 73% respectively.In⁣ stark contrast, sellers and ⁢estate agents are the least trusted sources, with only 16% and 22% of consumers placing their confidence in them.

The ⁢Demand for Shared Information

A⁢ significant majority ⁣of consumers,almost four in five,believe ⁤that estate agents should proactively share answers to questions posed by other potential buyers. This sentiment is⁤ echoed by 78% of respondents who agree that‍ if ⁢a potential buyer asks⁢ a question about a property, the estate agent should be obligated to identify and⁤ disclose that information to other interested parties.

Post-Sale Discoveries and Their Impact

The survey ⁤also uncovered that nearly 30% of homeowners discovered something ⁤after the sale that they wished they had known about ⁣the property,its contents,or the surrounding area before purchasing. Crucially, over half (57%) ⁢of those who made such a discovery stated they would have either lowered their offer ⁣or ⁤withdrawn ⁤from⁤ the purchase entirely⁢ had they possessed this information prior to the sale‍ closing.

CCPC’s Call for Action and Recommendations

In response to ⁢these ‍findings, the CCPC is advocating for a more transparent and accessible home-buying process. ⁤Simon Barry, CCPC Director of Research, Advocacy and International, emphasized⁢ the gravity of the decision ⁢to buy a home, calling it “usually the biggest financial decision someone will make in their lifetime.” He acknowledged that the ⁣process can be “incredibly complicated and lengthy,” and that “homebuyers find it difficult to ⁢know what questions to ask and aren’t sure where to find the ⁤information they need.”

Addressing‍ the ‘Buyer Beware’ Principle

Mr. barry highlighted the customary legal principle of ‘buyer beware,’ which places the onus on the buyer to gather all‍ necessary property information. “Therefore,the CCPC is calling for‍ that⁤ information to be more accessible to buyers much earlier ‍in the process. This will empower them to make more informed decisions,” he stated.

Proposed Legislative and Professional Reforms

The CCPC has put forward several recommendations to drive these improvements:

Legislating for Pre-Sale Information: The commission is urging the Government to introduce legislation mandating the ⁤provision of pre-sale information. This aims to mitigate delays and prevent‍ potential ⁢sales from falling through.
Creating a New Conveyancing Profession: To enhance the efficiency of the⁤ legal aspects of property transactions, the CCPC‍ proposes the creation of a new, specialized conveyancing⁣ profession.
* Consolidating Location-Based ⁣information: The CCPC is also requesting that the Government consolidate key location-based information from public bodies and present ‍it to buyers in a more user-amiable and accessible format.

Enhanced Resources for Homebuyers

In addition to its‍ advocacy for systemic change, the CCPC plans ⁢to bolster its support for homebuyers. The commission will enhance its existing homebuyers’ guide, ⁤incorporating advice on pertinent questions to ask at various stages of the buying journey. Furthermore, the CCPC will develop guidance for estate agents and developers to encourage the provision of more complete⁣ and higher-quality information to prospective buyers.