Better Buying, Simpler Selling

Home Information Packs are launching on 1 August 2007 to help improve the home buying and selling process.

Benefits of the Home Information Pack

• Consumer satisfaction - nearly nine out of 10 consumers are dissatisfied with the present process
• Transparency - at present, key information about the property only becomes available after terms of the sale have been agreed
• Sale success rates - 33 per cent of property sales fail after terms have been agreed
• Costs - failed transactions currently cost consumers over £350m a year
• Speed - transactions currently run at half the speed of the European average
• Reliability – 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.