Wednesday 22nd August 2007
With home information packs (Hip) to be required for three-bedroom properties from Monday, September 10th, Abbey urges homeowners to respond sensibly to the scheme.
The financial services provider notes the temptation to list a third bedroom as a study or games room in order to avoid needing to obtain a Hip.
However, as this could result in a dwelling being listed as two-bedroom by an estate agency, it could result in false economy, Abbey adds.
As Hips are already mandatory for four-bedroom houses and above, the company conducted a survey of owners of such properties.
Based on the findings, Abbey states that 4.5 million four-bedroom homeowners would be prepared to list the fourth bedroom as being for a different purpose.
Popular alternative designations for the final room included TV room, library, computer room or walk-in wardrobe.
Nici Audhlam Gardiner, head of mortgages at Abbey, comments: "While Hips might seem a hassle we think it would pay in the long run to play it straight rather than going through this loophole."
In addition to making a house appear to have fewer rooms, "you might also make your property seem over-valued as potential buyers will be comparing the price of your bigger abode against someone elses [with less bedrooms]".
Communities minister Baroness Andrews announced the rolling out of Hips for three-bedroom houses on August 17th.
"Hips and energy performance certificates can help families to save hundreds of pounds off their fuel bills," she claimed at the time.
"They also have the potential to reduce the millions of pounds wasted by consumers when buying and selling a home."
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