Which? has welcomed news that Home Information Packs (HIPs) will be compulsory for anyone selling a home from June 2007.
One million pounds a day is currently wasted on failed house deals with buyers spending hundreds of pounds on valuations, legal advice and searches only to see the sale fall through.
But the government says that by providing key information at the beginning of the process, Home Information Packs will prevent waste and significantly cut the number of sales that fall through.
The packs, which are expected to cost around GBP 600 +VAT for the average home, will contain all the information buyers currently only get once they have made an offer on a property.
Housing Minister, Yvette Cooper said: ‘Too many sales fall through because of delays and late information, wasting money and causing great stress for buyers and sellers, that’s why we are introducing the packs. We have been working with all parts of industry on the detail and this timetable will give them time to fully prepare’.
Head of Which? Campaigns Louise Hanson said: ‘Which? is pleased the Office of the Deputy Prime Minister has confirmed the date for HIPs becoming mandatory. Now we need industry to work positively towards this date so that everything is in place for a smooth implementation.
‘We support the introduction of HIPs as it should reduce the stress and wasted money involved in the current home buying and selling process and enable people to make a much more informed decision when buying a property.’