The packs, officially announced this week, aim to give buyers more information about their purchase upfront, and will use digital tools will halve the number of sales falling through
Concerns have been raised about the Government’s plan to introduce mandatory new sales packs.
The packs, officially announced this week, aim to give buyers more information about their purchase upfront, and will use digital tools will halve the number of sales falling through.
But the move has drawn comparisons to Home Information Packs, which were scrapped after proving unworkable.
Industry experts argue that if HIPs failed the first time around, making a similar scheme success now may prove to be a significant challenge.
However, many believe that the one factor that could make a genuine difference this time is significantly better technology.
Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: Any measures which improve transparency and certainty in home buying, and reduce the risk of gazumping/gazundering and abortive costs while professionalising the sector are welcome – and the sooner the better.
Having been at the RICS during the last serious attempt at change some years ago, I know how difficult it will be to make a difference, not least bringing together all the various parties involved, many with little or no interest in a more efficient or timely process, he says.
However, the opportunities are too great to miss. As long as this latest proposal is not more politicking but a practical attempt at meaningful change, I am confident this time the government needs business, he says.
However, some commentators are more hopeful about the ability of the packs to be introduced and make a meaningful impact on the market.
Lesley Horton, the UK’s Chief Property Ombudsman, says: We welcome the Government’s commitment to reforming the home buying and selling process and we’re pleased to see a number of measures that have the potential to deliver a more transparent, efficient and consumer-focused system.
For too long, buyers and sellers have faced uncertainty, delays and avoidable transaction failures. These reforms represent an important opportunity to improve confidence at every stage of the process, she says.
We recognise that the proposals, if fully implemented, will change expectations on sellers in particular, she says.
She says: The introduction of greater upfront information will help consumers make more informed decisions earlier and reduce the risk of transactions collapsing further down the line.
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