The Competition and Consumer Protection Commission (CCPC) has published a new report that reveals critical information gaps in the homebuying process, which often lead to confusion and frustration among potential buyers. The report identifies key pain points, particularly the lengthy delays that can occur due to insufficient information.

Trust levels among consumers vary significantly, with only 16% trusting sellers and 22% trusting estate agents. In contrast, friends and family are viewed as the most reliable sources of information, with a trust level of 79%. Buyers’ solicitors and engineers also rank high in trust, at 78% and 73% respectively.

The CCPC's research indicates that consumers desire more information earlier in the homebuying process. A significant 78% of respondents believe that if a potential buyer inquires about a property, the estate agent should be obligated to disclose that information to other interested buyers.

To address these issues, the CCPC has proposed several recommendations aimed at improving the homebuying experience. These include urging the Government to legislate for mandatory pre-sale information to prevent delays and potential sales falling through. Additionally, the CCPC suggests the establishment of a new conveyancing profession to streamline the legal process.

Furthermore, the CCPC is calling for the consolidation of essential location-based information from public bodies to be presented in a more accessible manner for buyers. In response to the findings, the CCPC plans to enhance its homebuyers’ guide, providing advice on pertinent questions to ask throughout the process, and will develop guidance for estate agents and developers to improve the quality of information available to homebuyers.

Simon Barry, the director of research, advocacy, and international at the CCPC, emphasized the importance of making information more accessible to empower buyers in making informed decisions, given that purchasing a home is often the most significant financial decision in a person's life.