Most home buyers would like information about the property’s condition upfront, raising the possibility of some form of Home Information Pack making a comeback.
A YouGov poll of more than 2,000 UK adults, commissioned by Countrywide Surveying Services and Landmark Valuation Services, shows buyers still misunderstand the different types of home survey and 70% would like information on the condition of a property upfront.
When asked who benefits from the data contained in a mortgage valuation, 65% correctly stated that the valuation report is for the benefit of the mortgage lender, yet 35% thought it is for buyers to use to determine whether the property is worth the agreed purchase price and 26% felt it is there to provide buyers with details on the condition of the home.
More worryingly, one fifth of respondents said they used the details provided by the estate agent to assess the condition of the property prior to completion and 35% said they used the lender’s mortgage valuation to research into the physical condition of the property prior to completion.
Another 12% stated that they did not know who is mainly responsible for advising buyers on the physical condition of a property.
Seven out of every ten respondents said they would like to receive information on the physical condition of a property upfront.
Paul Wareham, of Countrywide Surveying Services, asked: “With an election around the corner, do we need to refresh our home buying approach looking again at home reports as a mandatory step in the process, as per the current protocol in Scotland?”
Michael Holden, head of client relationships at Landmark Valuation Services, said: “There is certainly an appetite for home owners to have an understanding of a property’s condition before they buy it, but there appears to be confusion as to how this can be achieved.”
The research comes more than a year after then Chancellor George Osborne announced in his March 2016 Budget that the Government would “shortly publish” a call for evidence looking at the process of buying a home.
More than 13 months on, nothing has materialised.
EYE submitted a Freedom of Information request to the Treasury last year asking what has happened to the call for evidence and was told “the home-buying process remains under consideration and the call for evidence will be published in due course”.
Since then we have had a Housing White Paper and the lettings fee ban consultation, but it looks like we may well have to wait for the Tory election manifesto to see if this one ever materialises.
“Most home buyers would like information about the property’s condition upfront.” Most sellers conveyancer would like to collate the legal information upfront and most buyers conveyancers would like to see that information on day one, not day twenty-one. Put it all together and what do you have? Oh yes Mr Shapps, something that closely resembles a….I cant even bring myself to say it.
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Stop it Rob. You are spoiling my breakfast 😉
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It’s the same old argument ….. but it doesn’t work unless you buy on the day of the pack and reform conveyancing and liabilities.
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Shouldn’t be asking the public what they want…Bexit proved that one….
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