Home information packs will increase first-time buyer sales by 15 per cent next year according to Spicerhaart.
The estate agent says every FTB will save around 1,000 following the mandatory introduction of Hips next June, no longer having to pay for local authority searches, environmental searches and home condition reports.
FTB sales fell below 30 per cent in 2005 from 45 per cent in 2000, and Spicerhaart is estimating a 15 per cent increase in the second half of 2007 as the one million buyers release their years of pent up demand.
Spicerhaart director of Hips Stephen Nation says: Currently buyers are footing the bill if there is anything wrong with the property but the onus is now on the sellers. First-time buyers, who currently face pressure on affordability, will not have to struggle to raise the extra finance on local searches and surveys which has been a stumbling block for many. With the availability of 100 per cent mortgages, home information packs provide a very real incentive for buyers to return to the market.