According to official sources
research shows that nine out of ten consumers are
dissatisfied with the present system of buying and
selling houses. Most people would agree that the
whole process is extremely stressful and potentially
very costly if things go wrong.
Around 30 per cent of
transactions fail after an offer has been accepted.
The problem with the current
system is that key information regarding the
property being purchased is usually not released
until the terms have been negotiated and the
transaction is underway. The harsh reality is that
there are many potential problems that may prevent
any transaction from completing. The sooner these
issues are unearthed and dealt with - the better for
all concerned.
Few would argue with that basic
point and that is why, in the Governments opinion,
the changes are necessary. The Home Information
Packs or HIPs will provide crucial evidence up front
reducing the scope for problems further down the
line.
The real financial benefit for
buyers and sellers will be the saving of hundreds of
millions of pounds in wasted costs which arise from
failed property transactions.
