Home Information Packs

Our view is that they aren't working

The Government insisted that the Home Information Packs would be good for buyers and sellers.  Our view is that they are not working.  They have increased the cost of selling your home by around £400 and for what purpose?  To give a buyer an energy efficiency certificate.  If the property is inefficient in its energy use, will the buyer withdraw and choose an efficient property?  No, of course not if its the rambling old draughty property they've been searching for years.  They're not going to buy a Barratt semi simply because it has loft insulation.  The Energy Performance certificate could have ben rolled into the Building Society or Buyers survey and issued there.  They could even have been recorded by surveyors on a central accessible register and updated as and when required.

While we applaud any efforts to improve our carbon footprint, Home Information packs are unwanted, unloved, and expensive.  They add no value to a property transaction.  Most buyers don't even ask for them at the Estate Agents.  Some Estate Agents are using them as a tool to force sellers into going with their packaged services and that is preventing freedom of choice.  We have heard tales that some are insisiting on an immediate signup otherwise there is a lost marketing opportunity for the home seller and that is unfair pressure, especially if the same agent is also dangling the carrot of the dream new home in front of the client.

And what about a speculative seller, just testing the water to establish whether their property would sell and then going on to buy something else?  Thats gone.  Impulsive selling and buying was an essential part of the property market and at £400 and delays in marketing until the pack is ordered,  the Government have shot themselves in the foot.  When the stream of Stamp Duty Land Tax dries up, then maybe they will have another think.

A bouyant property market is a keen indicator of economic well-being.  Yvette Cooper should go back to the drawing board.  These ill thought out Home Information Packs should be scrapped before they do any further damage.

For More Information Contact:

Tony Crosby or Mike Hardy on 0191 297 0123 or by email mail@yarwood-stimpson.co.uk