New rules are set to come into force in 2007 which will require sellers to provide buyers with Home Information Packs (Hips), which will include a survey of the property. These packs therefore have the potential to reduce costs for first time buyers, although many buyers may prefer to carry out their own survey which they know to be independent. When investing such a large amount of money in a property, you can never be too careful or cautious!
But the Hips will contain a large amount of useful information for potential buyers which had not been available before, ensuring that purchasers have far more facts available to them than in the past. So first time buyers currently saving up may be enticed to keep saving a little longer until the new measures come into force in 2007.
