According to Martin Willard, managing director of MDA Advantage and chairman of the Association of Home Information Pack Providers, the majority of sales are completed with the buyer relying on the lender’s survey for information; and they therefore have no idea about any structural or other issues which would be highlighted by a Home Buyer report.
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However, the introduction of a mandatory HCR, which he believed could take place in 2008, would help alleviate this gap and help save thousands in repairs and failed transactions.
He said: “There is a general feeling that the HCR still has many benefits and the industry would like to see it brought in. However, we have enough on our plates bringing HIPs in so it’s an issue for 2008.
“People at the bottom end of the market struggle to afford a property, so often cannot afford to get a survey done. A HCR would get information into the hands of people.”
Richard Sexton, business development director at e.surv, agreed: “Our figures show a full structural survey is done on only 15 per cent of purchases, which is woefully low and a source of amazement. The logic behind the HCR was strong – if you could get over the inertia around it, it would be of benefit.”
However, Dev Malle, sales director at Personal Touch, believed: “I’d prefer the adviser, client and valuer deciding what’s best for the client, rather than being forced to take an HCR.”
