Results from a 2018 report highlights that more than 300,000 property transactions collapse every year due to broken chains and buyers changing their mind, costing affected sellers on average £2,700 with a total cost to the market of £400 million. The 2018 MHCLG Call for Evidence sought input from the sector which is part of a wide-ranging body of work government is undertaking to improve the housing sector.
What also needs to be factored into this is the emotional cost to buyers and sellers who either set their hearts on a home or seller who believes they can move onto their next home. The emotional costs are difficult to measure but feedback from lawyers suggests that most sales fall through after offer, so improving certainty earlier in the process will benefit all those involved in the process, both financially and emotionally.
Etive has been working on the Property Log Book (PLB) since 2007, helping all those involved in the home buying and selling process have access to more and better quality information, up front, helping people make more informed decsions. Once created, the PLB stays with the property, hopefully helping all subsequent occupiers of a home have access to rich historical information about the home.
As one of our customers said “I think the PLB is very good. Every piece of information you would need is there. If we were replacing things in the future for example. Information for prospective buyers is very good too. When we sold our house our solicitors lost some of our information which was very costly but that wouldn’t happen with this system. It all looked very straight forward and easy to use – even though I am not an IT expert!”