Home Information Packs are intended to make the home-buying and selling process easier, enabling people to make informed decisions sooner, as key information will be available earlier in the process.

It is hoped that this will result in a reduction in the number of failed house sale transactions, and consequently, the average cost of buying a property.

• Following research by the Office of the Deputy Prime Minister, the government announced in 1994 that the current home buying process in England and Wales was wasteful and inefficient.
  
  
• Around one third of property sales were falling through before completion, largely due to the fact that key information is only available at a very late stage in negotiations, after an offer has been made and accepted. By then, significant costs have been incurred in legal fees, searches, surveys, etc.
  
  
• Pledging its commitment to making the home buying process faster and more transparent, the government proposed the introduction of Home Information Packs.
  
  
• The Homes Bill received Royal Assent in November 2004 and was accordingly enacted into law as the Housing Act 2004. The main provisions of the Act are to be implemented from June 2007, preceded by a trial period starting in mid-June 2006.

Cost of Home Information Packs;