Ireland’s consumer watchdog has urged a change in rules to make the homebuying process more transparent.
The Competition and Consumer Protection Commission (CCPC) says people face “significant information gaps” when trying to buy a house.
According to the CCPC’s report, fewer than one in five people find the house purchasing system transparent.
Close to 80 percent of consumers polled said that estate agents should distribute Q&A responses to all potential buyers.
Potential buyers are left “confused, frustrated and in limbo due to lengthy delays” by the current process, the CCPC warns.
The CCPC is now calling on the government to legislate “to legislate for the requirement of pre-sale information to avoid delays and possible sales falling through, and to create a new conveyancing profession to enhance the efficiency of the legal process.”
“Buying a home is usually the biggest financial decision someone will make in their lifetime, and it can also be an incredibly complicated and lengthy process”, said CCPC’s Director of Research, Simon Barry.
“Our research shows that homebuyers find it difficult to know what questions to ask and aren’t sure where to find the information they need.
“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.”