63% of homesellers encountering delays in the current market

63% of home sellers encountering delays in the current market, one in five subject to fall throughs

Research from digital property pack provider Moverly, reveals that 63% of home sellers to have sold a home within the last year experienced delays when doing so, with one in five seeing their transactions collapse and one in 10 being subject to more than one fall through.

The survey of UK home sellers, commissioned by Moverly, found that for the majority of sellers (63%), the timeline in which they had to move was an important factor when entering the market.

However, 63% also stated that they encountered delays to this timeline when selling their home within the last year.

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.

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.

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

39% of those surveyed 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.

A HIP is a pre-prepared document that compiles all of the information on your property required throughout the home selling process and is thought to not only increase the speed of your sale by 70%, but also significantly reduces the chance of a fall through.

Around half (48%) of those by Moverly 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.

Moverly co-founder Ed Molyneux, commented:

“The property selling process has evolved considerably in recent years and technology has helped to streamline the process in many ways. 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.

The good news is that you can take a proactive approach to selling and a home information pack is one tool that allows you to do this, increasing the speed of your sale and reducing your chance of being hit by a fall through.

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. Well worth the money when you consider the average fall through now costs home sellers more than £3,000.”