Homeseller’s packs are speeding up the home buying and selling process, according to Department of Environment Transport and Regions’ research.
Solicitors in the Bristol-based pilot said that sellers using the packs were likely to exchange contracts more quickly than those without. However, chains continue to hamper the process.
The report found the average time taken for sellers using the packs to get from the acceptance of offer to exchange is 48 days – 14 days faster than the national average of 62 days. It also suggests that, where the packs are used, more sales are completed successfully.
“Only two of the 65 sales where offers have been received have failed. Nationally an estimated 28% of transactions fail after an offer has been accepted,” the report said.
While the pilot has shown some success, the report found a mixed response among users. Buyers considered the pack to be of great benefit because it saved money and helped take the mystery out of buying. Sellers, however, were concerned they may end up out of pocket as a result of funding it without the guarantee of a buyer.