A ‘game-changing’ national system of scores for homes has been launched by a Manchester-based company that says it has the blessing of estate agents and will eventually add its scores to listings on the big portals.
Called Propscore, it offers prospective buyers the ability to pay for a pre-sale report on a home similar in style to the HPI checks for vehicles, based on information from a range of data suppliers including the Land Registry, the Environment Agency and the Ministry of Housing.
The data for the scores comes from Big Property Data Ltd which claims to be one of the largest property search providers in the UK. Its online tool can be used by consumer to find out their property’s score expressed as a number out of 100.
Director Lorenzo Tejada-Orrell (left) has told The Negotiator that the information used to create the score is meant to suggest to home buyers whether a property has a ‘serious problem’ such as being in a flood area or at risk from subsidence.
“We’ve talked to estate agents and they’re behind it as long as the data is reliable and robust and it helps buyers understand more about a prospective purchase and reduce fall-through rates,” he says.
The company will then make money from providing additional checks on a property costing from £4.99 to £200.
“We find it quite baffling how a consumer buying a house can find out six weeks after making an offer that there is a restrictive covenant on the title and is on contaminated land, for example, but they can be a couple of thousand pounds down the line,” says Tejada-Orrell.
“We believe all the checks should be done prior to even placing an offer on a property and we already provide this information to conveyancers.”