"Currently, one million pounds a day is wasted on buying and selling homes. Buyers often spend hundreds of pounds on valuations, legal advice and searches on sales that ultimately break down," UK Housing minister, Yvette Cooper said,
"By providing key information at the beginning of the process, Hips (Home information packs) will prevent waste and significantly cut the number of sales that fall through. That is why consumer groups have been calling for them for years."
Many property investors are supporting Hips because it is argued that they will bring a solid foundation of first-time buyers to the market. Additionally, statistics suggest that more than 40 per cent of failed transactions collapse because of a problem with the survey or a valuation inspection.
If this process is made more transparent, supporters claim that buyers will be less reluctant to make a move on the property market.
Source Assetz Property News Service
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