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Cambridge Test Run For Home Sellers' Packs

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Cambridge test run for home sellers' packs

http://news.ft.com/cms/s/6b9acf2a-b06e-11d...00779e2340.html

Cambridge looks set to be the first region to test home information packs, the documents containing wide-ranging details on a property that house sellers will be required to prepare by legislation next year.

The trial is expected to be announced in the next few weeks. It is being launched this summer to help providers iron out any wrinkles in the scheme ahead of a formal launch in June next year. It will be promoted heavily throughout the region in a bid to encourage property vendors to purchase voluntarily new sellers' packs. The test run, which has the backing of the government, will run alongside a separate national dry run being organised by the Office of the Deputy Prime Minister.

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City gets HIP to property report trials

http://www.cambridge-news.co.uk/news/regio...48cd1ebabb7.lpf

HOMEOWNERS in Cambridge are set to trial a scheme where vendors will provide a £1,000 property report before selling up.

Home Information Packs (HIPs) will be compulsory from June 1 next year, with Cambridgeshire set to be the first county to trial the idea this summer.

It will not be compulsory, but the Association of Home Information Pack Providers, which is planning the trial, is hoping for a 5 per cent take-up rate.

The reports, set to cost from £700-£1,000, will provide buyers with detailed information on replies to local searches and the house's condition.

Mike Ockenden, director general of the association, confirmed Cambridge was in the running for the regional trial but insisted a final decision on the most suitable location had yet to be made.

He said: "We want to test the packs in a market environment and we feel it will be to the benefit of the consumer in terms of improving transactions and reducing the amount of stress involved."

The aim of HIPs is to smooth the house-buying process and distinguish a property against its competition.

But estate agent John Pocock, managing director of Pocock and Shaw, in Regent Street, Cambridge, said it could have a detrimental effect on the housing market.

He said: "The problem with the packs is nobody has any idea at the moment who will pay for them. If you are required to pay up front then the market will collapse completely.

"The vast majority of people putting their homes on the market are not sure they want to move. The market as we know it could be gone."

It is hoped the reports will shorten the buying process, inform buyers and reduce the number of collapsed sales.

Mr Pocock said: "It might be worth it if you are sure you are going to sell - people moving jobs for instance."

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Yeeeee Haaa

Normally I try to sound grown up in my posts. But now I only want to sound completely smug in the way only a 9 year old can.

Cambridge STRer

OK I know about hubris and can take it on the chin if I'm wrong. But I'm more inclined to agree with the property expert for once.

Actually, I've not agreed with him before.... See: http://www.housepricecrash.co.uk/forum/ind...ndpost&p=256026

toodle pip

RW

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  • 336 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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