Scottish Property News

All change for sellers - Home Reports imminent

The aim is to improve the quality of houses for sale in Scotland and give buyers enough information to make a betterinformed decision before parting with their money.

Sellers will have nine days to make the report available to would-be buyers and the information in it must be no more than 12 weeks old.

The cost of it all will be set by surveyors, depending on the size of the property. For an average three-bedroomed home that could be between £500-£700. The report will also include the cost of the Energy Performance Certificate which, from January, house sellers will be required to provide due to new European law.

It might sound like just another expense to shell out on, on top of selling and legal fees, but in the long run it will benefit first-time buyers, keeping property moving in the currently sluggish market. Ultimately, most sellers are also buyers so they will benefit in the purchase of their next home.

There are exemptions for new homes, newly converted homes, seasonal/holiday accommodation, unsafe properties, mixed sales and property to be demolished. Houses on the market before December 1 won't need a Home Report for as long as they stay on the market.

The reports are being welcomed by the Consumers' Association, which hopes they will mean more information for buyers.

Julia Clarke from the Consumers' Association/Which? said: "Earlier this year, we asked 504 members of the public who had bought a house in the past five years about their homebuying experiences.

"A quarter of them said they had found faults with their home after moving in. Those who missed problems said they spent an average of £2500 putting them right after buying, and one in 10 spent £10,000.

"In the current financial climate, homebuyers need facts about the condition of the house they are buying. They don't need to be confronted by large bills they can ill afford."

Meanwhile, estate agent Allen and Harris says the reports will have a positive effect on the Scottish market.

"The Home Report is designed to make buying and selling homes a more transparent process for both buyers and sellers by providing more detailed information about the property. It's also imperative that advice from property professionals should be as comprehensive as possible in order to make the introduction of Homes Reports easier for all, " said regional managing director Kelvin Illingsworth.

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