Housing Market News And Views Home Reports Hit Scotland

Date Published:

24/11/2008

How Much Will It Cost?

The reports are likely to cost between £350 and £1,500 depending upon the size and value of your house. Sellers are advised to get a number of quotes from different providers.

Are There Any Extra Costs?

'No, but these costs are a substantial additional burden upon sellers who will also have to pay for brochures and advertising. It will be particularly punitive if you put your house onto the market and it fails to sell,' says Jamie McNab from Savills.

Is There An Authority With A Code That Sets Standards For The Home Report?

The Scottish Executive set the standards through its legislation and Trading Standards officers will enforce them.

How Do I Complain About My Home Report?

The surveyor will have a duty of care to the seller so you should complain to the Royal Institution of Chartered Surveyors. If this is not appropriate buyers and sellers should go to the Trading Standards Office.

Will Home Reports Help Or Hinder The Scottish Property Market?

It is a total myth that Scotland has avoided the world wide property slump says Jamie McNab at Savills. 'All that has happened is that the effects have taken longer to reach us. With the banking crisis effecting HBOS and RBS, two of Edinburgh's major businesses, Scotland will be as much affected as the rest of the UK. However, I believe that the falls will be smaller and that Scotland will be one of the first parts of the UK to recover.'

'There has been a huge resistance to the Home Reports and their introduction has been unpopular. However I believe with a good survey and valuation it will be a positive marketing tool and give nervous buyers especially first-timers some confidence,' he adds.

Richard Sexton at Home Report Scotland believes the packs will be a big boost to the Scottish property market. 'The reports will encourage faster transactions and stronger relationships between all of the interested parties. Buyers will be reassured that they have been given all the facts available to make an informed decision about their purchase and as a result the seller can feel more confident that the buyer is less likely to pull out.'

Karen Barrett at Impartial.co.uk agrees it will equip home buyers with concrete information about the property. 'However I hope it will not hinder the selling process. For this new system to help the Scottish property market, it needs to remain informative while not taking up too much time and expense,' she adds.

Anything Else I Should Know?

The big issue is how agents will assert asking prices against surveyors’ valuations, says Jamie McNab. And will the Scottish ‘current offers over’ system survive? 'The biggest area of potential difficulty will be if selling agents do not agree with the valuations given by surveyors. As the seller / sales agent instructs the surveyor they may simply reject that valuation and instruct another firm. The follow on from this is that buyers may not trust a valuation instructed by the seller - and will therefore instruct their own check survey / valuation - entirely negating the whole purpose of Home Reports.' he says.

Where Can I Find Out More?

The Law Society of Scotland
Scottish Solicitors Property Centres
Royal Institute of Chartered Surveyors (RICS)
Home Reports
Home Report providers include Move Machine and Open House

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