Benefits of the Home Information Pack
The Home Information Packs will also benefit the consumer in the following areas:
Consumer dissatisfaction - nearly nine out of 10 consumers are dissatisfied with the present process;
Lack of transparency - at present key information about the property only becomes available after terms of the sale have been agreed;
High transaction failure rate - 28 per cent of property sales fail after terms have been agreed;
High costs of failed transactions for consumers - over £350m lost a year;
Slow transaction process - twice the European average;
Uncertainty – 60 per cent of property sales are in chains. Delay or failure in one has a knock-on effect through the chain.
Other direct benefits for home buyers and sellers:
Consumer confidence – estate agents marketing homes with Home Information Packs will be required, for the first time, to belong to an approved redress scheme. This means more peace of mind and a better standard of service for consumers who will be able to complain to an independent industry body if they’re not happy with how they have been treated.
first time buyers – will receive Home Information Packs for ‘free’, making it easier and less expensive for them to get their first foot onto the property ladder.
The benefits Home Information Packs bring to Industry
Improving the process of buying and selling by reducing the number of transaction failures and reducing the time taken between offer and acceptance;
Improving the condition and sustainability of housing stock - Making a positive contribution to the condition and sustainability of the housing stock - by ensuring home buyers and sellers are aware of the true condition of the property;
A step on the ladder for new generations of home owners - through more affordable entry costs and simpler process for first time buyers;
Training for the qualification in Home Inspection, for those wishing to add the qualification to their existing portfolio and for those looking to train in a completely new career;
Joined up processes through industry forging links to provide a seamless service to consumers.