The majority of people are more likely to turn to family and friends for information
The Competition and Consumer Protection Commission is recommending more transparency in the house-buying process
Estate agents and sellers are the least trusted by people trying to buy homes, and buyers are often frustrated by a lack of information about the property they are trying to purchase, a new report from the Competition and Consumer Protection Commission (CCPC) has found.
Lack of information leaves buyers confused, frustrated and in limbo, with lengthy delays often the result of the lack of transparency.
Friends and family are the most trusted source of information, followed by the solicitor the buyers are using. Engineers are also trusted.
Sellers are trusted by just 16pc of respondents, with 22pc having faith in estate agents.
The research shows that consumers want more information earlier in the process, and are strongly in favour of that information being shared openly. Close to 80pc agreed that if a potential buyer asks a question, the estate agent should have to disclose the information to all others hoping to buy the property.
Just 16pc of those surveyed say that the current system is transparent for buyers, according to a survey commissioned by the CCPC and carried out by Ipsos B&A on 1,007 people.
Buyers also feel that they waste time on viewings and researching properties that end up being unsuitable due to exaggerated adverts.
Delays due to conveyancing are another huge issue. The CCPC found the average conveyancing timeframe in 2024 was 17 weeks. Just 13pc of Irish consumers who bought or sold properties in 2024 reported that the process took eight weeks or less.
The Competition and Consumer Protection Commission is recommending more transparency in the house-buying process
Today’s News in 90 Seconds – Wednesday, July 30
Furthermore, 30pc of homeowners discovered something after the sale that they wished they had known about the property, its contents or the surrounding area before buying their home.
Director of research, advocacy and international at the CCPC Simon Barry said: “The legal principle of ‘buyer beware’ puts the responsibility of gathering the necessary information about a property into the buyer’s hands.
“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.”
The CCPC called on the Government to legislate for the requirement of pre-sale information to avoid delays and possible sales falling through.
It also called for the creation of a new conveyancing profession to enhance the efficiency of the legal process, and has recommended that no property should go to market without details – including whether the property is tax compliant, whether the seller or their solicitor has the title deeds, and if the property is undergoing probate – being confirmed.