A survey by LRG has found that providing upfront property information, including surveys, legal packs and chain details, influences buyer behaviour, with 41% of respondents stating they would make offers with more confidence and another 41% saying they would be likely to offer sooner.
The research indicates that 13% of buyers believe such information would make little difference to their decision-making, while 5% were uncertain about its impact.
Variations by buyer type
The data reveals differences in buyer response depending on the type of property move. Among family movers looking to upsize, 48% indicated they would be likely to make offers sooner, compared to 36% who said they would offer with greater confidence but not necessarily more quickly.
For those moving to similar-sized properties, 51% prioritised greater confidence in their offer, while 30% said they would be likely to offer sooner.
Ryan Mathews, Group Managing Director of Surveying at LRG, said: “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.”
He added that providing information earlier allows buyers and sellers to address issues before they lead to renegotiation later in the transaction process.
Industry collaboration needed
Neil Louth, Group Executive Director of LRG, noted that buyers may take the same time to make an offer while still expecting the overall transaction to progress more efficiently. The findings come as the property sector faces ongoing challenges in the UK housing market, with transaction times remaining a concern for industry participants.
“Building confidence is essential, but it must go hand in hand with reducing the time between agreeing a sale and completing it,” Louth said. He emphasised that agents, surveyors, conveyancers, mortgage brokers and lenders need to work more closely together to achieve this.
The industry is increasingly looking at digital tools and AI solutions to share information earlier, reduce duplication and automate routine tasks, according to Louth. He stated the aim should be a process that is quicker, more thorough and more reliable for all parties involved.
The survey provides data on buyer preferences as the property industry continues to examine ways to streamline the conveyancing process and reduce transaction fall-through rates.
