A new survey by the Competition and Consumer Protection Commission (CCPC) has revealed that just 16% of consumers believe the current homebuying system is transparent, with many calling for significant improvements in how information is shared throughout the process.
The findings, released following research conducted by the CCPC and a national survey of 1,007 participants by Ipsos B&A, highlight widespread dissatisfaction and frustration among prospective and recent homebuyers in Ireland. The survey targeted current homeowners, those in the process of buying, and those hoping to purchase in the future.
According to the report, nearly four out of five respondents (78%) said estate agents should be required to disclose answers to questions raised by other potential buyers. Almost 30% of homeowners reported discovering information about the property or its surroundings after purchase that they wish they had known beforehand—details that could have affected their decision. Over half of those said they would have either reduced their offer or pulled out of the sale entirely.
The survey also found that consumers are relying more heavily on personal networks and professional advisors than on sellers or estate agents. Friends and family ranked as the most trusted source of information at 79%, followed closely by solicitors (78%) and engineers (73%). In stark contrast, only 16% trusted sellers, while 22% said they trusted estate agents.
The CCPC has made several recommendations aimed at improving the system, including a call for the Government to legislate for the mandatory provision of pre-sale information to reduce delays and failed sales. It also proposed the creation of a new conveyancing profession to enhance the efficiency of the legal process and suggested consolidating location-based information from public bodies into a single, accessible platform for buyers.
Simon Barry, Director of Research, Advocacy and International at the CCPC, said that buying a home is “usually the biggest financial decision someone will make in their lifetime,” but that the process remains “complicated and lengthy.”
“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,” he said. “The principle of ‘buyer beware’ puts the onus on the purchaser to gather this information—but that’s only fair if it’s easily available.”
In response to the findings, the CCPC said it will update its homebuyers guide to include advice on key questions to ask during each stage of the process and develop new guidance for estate agents and property developers to improve transparency for consumers.
