The Government has introduced Home Information Packs into the property market though the legislation has been met with as much criticism as it has praise. The original thinking behind the Home Information Pack was that it would contain essential information relating to the legal title, searches and survey and would speed up the average property transaction. Criticism from Mortgage Companies, Conveyancers and Surveyors has, however, diluted the content of the Pack and the document introduced today will contain only the legal title, local and drainage searches and an Energy Performance Certificate. Furthermore, this will not be required for all smaller homes and flats which will remain exempt until nearer Christmas.

The impact that the Home Information Packs will have on the property market is, at present, uncertain. The more optimistic observers hope that they will reduce the number of transactions that fall through whilst making the average transaction quicker. Those who are more pessimistic fear that they will cause delays in properties coming to market whilst increasing the average cost of a transaction as the older searches in the Pack may need to be re-submitted to satisfy the requirements of lenders.

In any event, few seem fully satisfied with the diluted version of the Home Information Pack introduced today but only time will tell as to whether they will prove a positive influence on the market.