The major legal reform is one of the key recommendations in a new report published by the watchdog today, which calls for changes to improve transparency for homebuyers.

Research carried out by the CCPC found that only 16 per cent of consumers think that the homebuying system is transparent for buyers.

Consumers expressed low trust in sellers (16 per cent) and estate agents (22 per cent), while friends and family were the most trusted source of information (79 per cent), followed by buyers’ solicitors (78 per cent) and engineers (73 per cent).

The research also showed that consumers want more information earlier in the process, with 78 per cent agreeing that if a potential buyer asks a question about a property, the estate agent should have to identify and disclose the information to other buyers.

The CCPC report calls on the government to legislate for the requirement of pre-sale information to avoid delays and possible sales falling through.

It says the creation of a new conveyancing profession “will not only drive innovation and improve service quality but also provide consumers with more choices and potentially lower costs”.

The Legal Services Regulatory Authority (LSRA) last year said the introduction of a new conveyancer profession “would only be viable as part of a wide range of other more significant and pressing reforms”.

The CCPC report also asks the government to consolidate key location-based information from public bodies and present it to buyers in a more accessible way.

Following the report, the CCPC says it will enhance its homebuyers’ guide and include advice on what questions to ask at various points in the process.

It will also develop guidance for estate agents and developers that will help provide more and better information to homebuyers. 

Simon Barry, the CCPC’s director of research, advocacy and international, said: “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. 

“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.”