The number of properties being sold in the second half of 2007 could decline as a result of the implementation of home information packs, it has been claimed.
On June 1st 2007, the government plans to roll out the home information pack scheme, which will become mandatory for all house sellers.
However, a new survey from the National Association of Estate Agents, hints that the additional cost of these packs could have an unforeseen consequence, mortgage holders may be concerned to hear.
According to its research, 20 per cent of homeowners claim they would consider selling their house if a nearby property changes hands for a good price, regardless of whether they planned to leave beforehand.
Peter Bolton King, chief executive of the NAEA, has highlighted the significance of the findings to mortgage holders.
"A significant percentage of sales that go through start with a seller 'testing the water'," he said.
The lack of ability to do this without paying for a Hip [home information pack] first is likely to put many sellers off.
Among documentation included in the proposed packs, all sellers must include an energy performance review of their property, title deeds and a selling statement.
Mortgage holders warned about potential property market shrinkage
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Mortgage holders warned about potential property market shrinkage
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