Despite sometimes receiving a mixed response from consumers and the media, Home Information Packs offer many benefits to both buyers and sellers:
Research showed that 90% of consumers were dissatisfied with the previous process of buying and selling their homes due the lack of transparency and slow process. Home Information Packs facilitate a smoother and speedier process which before was took twice the European average in terms of sale and transaction time.
Information on properties is now available as soon as the property goes on the market. This means potential buyers have honest and comprehensive information upfront. This facilitates the decision making process in terms of whether to make an offer and accelerates what was previously an incredibly frustrating process, thus greatly reducing the chance for -gazumpers to step in too!
Previously, nearly 30% of property sales failed to be completed after terms had been agreed. Often this was due to the lengthy sales cycle which buyers tire of, but was also due to misleading information coming to light later in the process, which as it is now available upfront, can be avoided.
Of course all of these barriers to a quick sale mean that consumers lose money - both the buyer and seller incur costs due to failed sales. Home Information Packs are designed to help prevent the millions that were being lost each year.
The chain cycle has always presented issues for house buyers and sellers in the UK as a chink in the chain can have a domino effect that often doesnt end well. If all concerned have the same level of information available upfront, this sequence should become much less painful and much more transparent.
Home Information Packs should instill increased confidence for both buyers and sellers in the UK. Home Information Pack providers should be industry accredited in accordance with codes and regulations thus not only improving standards of information, but also service. Independent industry bodies are also on hand to offer support to those who are not happy with treatment or customer service they have received.
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 industry gains from Home Information Packs too as many of these consumer benefits have an impact on the whole market. The improved buying and selling process reduces failed transactions and improves the quality and sustainability of housing in general due to the transparency of information that must be provided in a Home Information Pack. Having a more effective and efficient system across relevant suppliers and providers that contribute to the sales process also ensures a more professional approach and higher standard of customer service, which can only be a good thing!
The author is a specialist in moving house, removal companies and Home Information Packs.