Property News & Views
Home Information Packs might succeed with new technology —
24th Aug 2023
I recently read below an article in Property Industry Eye that might just mean the revival of Home Information Packs - I think that's good news for the property industry and conveyancing process.
Research from digital property pack provider, Moverly, has found that the majority of the 784 UK estate agents who were surveyed believe the provision of upfront information is positive for the property industry, with the biggest reasons for support being an improved level of transparency for homebuyers, a streamlined conveyancing process and the reduced chance of a fall through.
The survey, commissioned by Moverly, asked if the upfront provision of pertinent information related to a transaction was a positive when it came to the process of buying and selling property – with 90% of those surveyed stating it was.
Such information can be provided via Home Information Packs, which collect the essential details and documentation that homebuyers need access to when considering the purchase of property – such information includes EPC certificates, title documents, and Local Authority searches among many other things.
HIPs are not a new idea. In fact, they were introduced to parliament by the last Labour government but then the David Cameron-led coalition government abandoned the idea in 2010.
When asked why they thought the original introduction of HIPs failed, those surveyed by Moverly stated the reliability of the information provided was the biggest reason, while the upfront cost incurred by sellers also acted as a deterrent.
Here's the link to the full article - https://propertyindustryeye.com/home-information-packs-might-succeed-with-new-technology-claim/