Home information packs (Hips) will calm down homebuyers and save the economy £500 million as a result, the Association of Hip Providers (AHIPP) has said.
Research carried out by estate agency Your Move found 40 per cent of homebuyers reporting they were less productive at work during the process.
If the lost productivity amounts to ten per cent of their total output, completely wiping out this stress could save the UK economy £500 million, AHIPP director general Mike Ockenden argues.
"Hips will significantly reduce the time taken to exchange of contracts - by bringing more information, which can often prove timely to collate, to the front of the process," Mr Ockenden said.
"[They]… will undoubtedly have the benefit of reducing stress levels for homebuyers and sellers across the UK and as a result, this could potentially translate into a huge benefit, not only for the consumer but for the wider economy."
Hips, which will cost between £300 and £500, will provide prospective buyers with details about the state of the property on sale.
Critics have said that passing the cost on to the seller will deter people from putting homes on the market –constricting demand and driving prices up even further.
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