SINGLE SURVEY PLANS QUESTIONED BY EDINBURGH SOLICITORS' PROPERTY CENTRE
The largest property marketing firm in east central Scotland today called into question the Scottish Executive's proposed plans to introduce seller's surveys.
Edinburgh Solicitors' Property Centre (ESPC), which handles around 90% of second-hand property sales in the Capital stated that changes in the property market meant the proposals would do little to speed up sales or reduce expenditure for buyers, and could simply lead to increased costs being incurred by sellers.
Ron Smith, chief executive of ESPC, said: "In principle the concept of a seller's survey was originally well intentioned; however, over the last two or three years the market has changed such that they may represent additional and unnecessary legislation. We have seen a marked increase in the proportion of offers being made 'subject to survey', and this self adjustment in the market means the vast majority of buyers are simply not incurring high costs associated with paying for several surveys as may have been the case a few years ago."
"The idea that this legislation is necessary to tackle over bidding on properties is also highly questionable. The growth of the internet has led to a proliferation of sources of information on property prices, meaning buyers are potentially better armed than ever to make well informed bids"
Mr Smith went on to say that with the planned introduction of housing surveys less than a year away, there remained a great deal of confusion and uncertainty among the public about the proposals.
"The original trial of the single-survey scheme in July 2004 attracted very little interest from the public, receiving just 74 of the hoped for 1,200 responses including just one in Edinburgh itself. Two and a half years on our research shows the public's attitude to the proposals could at best be described as one of guarded optimism.
"A recent online poll we conducted showed that even among an audience predominantly made up of the very buyers the surveys are intended to help, almost one in four did not wish to see the legislation introduced. ESPC also commissioned independent focus groups in late 2006 which revealed consumers' understanding of the detail in the proposals to be low, and that once additional information had been provided support for the plans often decreased."
Issued by ESPC(UK)Ltd marketing & public relations
For further information, please contact:
Ron Smith
tel 0131 624 8520 email marketing@espc.com