According to the Association of Home Information Pack Providers (AHIPP), under the existing process a number of prospective purchasers could end up paying for the same information on a given property.
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If an initial sale falls through, other potential buyers pay again for the same information information that is some cases has in fact resulted in the first buyer opting to withdraw their offer.
HIPs are set to revolutionise the existing process, providing potential buyers with more information upfront, allowing for a more informed buying decision and a more efficient process.
Mike Ockenden, director general, AHIPP, said: Home Information Packs will strip out a lot of the wasted cost and effort involved in the home buying and selling process, particularly in those cases where sellers opt to include the voluntary Home Condition Report (HCR) in their pack.
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The HCR will provide detailed information on the condition of the property being marketed, providing buyers with relevant and honest information on the property from the offset and allowing sellers to make any necessary repairs before the property goes on the market.
Reduced uncertainty
The period from offer to exchange of contracts is another stage of the process which can prove costly and stressful for both homebuyers and sellers, often proving a time of great uncertainty.
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This is because currently information gathering only commences when an offer on a property has been accepted. This results in a prolonged period of uncertainty, while information is obtained and analysed and any resultant action is taken.
Ockenden said: Providing a HIP at the time of viewing can significantly reduce the time between offer and exchange of contracts, but also minimise the window for gazumping, giving greater certainty for buyers and sellers alike.
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