Seller's packs will be central to the government's major reform of the home buying and selling process, housing minister Jeff Rooker said yesterday.
He said the packs – one of the main themes of the draft Housing Bill – were aimed at modernising the current archaic and inefficient system in England and Wales.
He told delegates at the National Association of Estate Agents Conference that the current home buying process was shambolic and did not look after the interests of consumers.
He added: “Forty per cent of consumers are dissatisfied with the present system and there is huge wastage. Some 28% of transactions fail after an offer has been accepted. This causes wasted expenditure of up to £1m a day and that is intolerable.
Seller's packs will make the home buying and selling process more transparent, faster and consumer-friendly. They will reduce the stress and wasted costs suffered by hundreds of thousands of consumers each year.”
The Minister also warned that for everyone to benefit from seller's packs they had to be compulsory.
He said: “Voluntary arrangements would not work because most transactions are part of a chain. A single missing pack in the chain would cancel out the benefits of all the others, and a compulsory scheme has to be backed up by effective sanctions.'
The government will be bringing forward proposals for a civil sanctions regime rather than, as was originally envisaged, criminal sanctions.