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| Version 0 | Version 1 |
|---|---|
| New home report system introduced | New home report system introduced |
| (about 6 hours later) | |
| Most people selling houses in Scotland now have to provide prospective buyers with a comprehensive survey. | Most people selling houses in Scotland now have to provide prospective buyers with a comprehensive survey. |
| The new Home Reports include a detailed survey covering the condition, the valuation and the energy efficiency of the house. | The new Home Reports include a detailed survey covering the condition, the valuation and the energy efficiency of the house. |
| The scheme aims to cut the cost to buyers, who often have to commission several surveys before bidding successfully for a property. | The scheme aims to cut the cost to buyers, who often have to commission several surveys before bidding successfully for a property. |
| However critics said the move would be disastrous for the housing market. | However critics said the move would be disastrous for the housing market. |
| England and Wales introduced its own version - Home Information Packs (Hips) - last December. | England and Wales introduced its own version - Home Information Packs (Hips) - last December. |
| The Scottish reports will cost between £300 and £800 each and will mean sellers having to make the single survey available to anyone interested in buying. | The Scottish reports will cost between £300 and £800 each and will mean sellers having to make the single survey available to anyone interested in buying. |
| Falling market | Falling market |
| It is a more detailed survey than most buyers commission. | It is a more detailed survey than most buyers commission. |
| People selling new or converted properties and those with properties on the market before Monday will not need a home report. | People selling new or converted properties and those with properties on the market before Monday will not need a home report. |
| The Scottish Government said both buyers and sellers would benefit from the new system and claimed it would encourage more first-time buyers into the property market. | The Scottish Government said both buyers and sellers would benefit from the new system and claimed it would encourage more first-time buyers into the property market. |
| However, the Conservatives and the Scottish Law Agents Society (SLAS) raised concerns that lenders would not accept the valuations given in the reports because of a falling market. | However, the Conservatives and the Scottish Law Agents Society (SLAS) raised concerns that lenders would not accept the valuations given in the reports because of a falling market. |
| The SLAS had called for their introduction to be delayed for two years. | The SLAS had called for their introduction to be delayed for two years. |
| It said the policy should not be implemented during the credit crunch because it could lead to more repossessions. | It said the policy should not be implemented during the credit crunch because it could lead to more repossessions. |