Mike Ockenden, director-general for AHIPP, said: “The high levels of transaction failure and the extended period of uncertainty between offer and exchange of contracts in the current home buying and selling process is one of the most stressful times that consumers will endure in their lifetime.
“Several studies have shown that the stress of moving home ranks only behind ill health, relationship breakdown and bereavement yet, incredibly we have simply learnt to accept this in the UK - unlike in most European and Western countries, where this is far from the norm.”
Impact on the economy
Research carried out this year by Your Move asked a cross section of purchasers who had just completed the home buying process about their experience. In particular, purchasers were asked about the stress associated with the process and if it affected their productivity at their place of work. Over 40% of respondents reported that they were less productive at work when going through the current process.
Ockenden added: “Even a very conservative analysis reveals that if a 10% loss of productivity is experienced by 40% of all people involved in the house buying and selling process, the cost to the economy is over £500 million a year. HIPs will significantly reduce the time taken to exchange of contracts - by bringing more information, which can often prove timely to collate, to the front of the process.
“HIPs will undoubtedly have the benefit of reducing stress levels for home buyers and sellers across the UK and as a result, this could potentially translate into a huge benefit, not only for the consumer but for the wider economy.”
