Trial shows HIPs not as successful as hoped
According to a recent report the Home Information Packs that were introduced by the government last year are not proving nearly as successful as was hoped. These packs are now compulsory for any residential property that is being marketed for sale in England or Wales, with government officials stating that they will make things easier and smoother for purchasers and sellers.
However, these HIPs have been at the centre of controversy since their introduction, and it now seems that the packs are not proving as effective as had been hoped. In fact, recent figures show that only one in every six buyers actually sees the Home Information Pack before making an offer on the property. The survey shows that the majority of buyers do not get to see the HIP for the property in which they are interested.
With regards to the survey results the shadow housing minister stated: ‘These results reveal what we and the industry have known all along, Hips are a complete waste of time. It is proving to be a very costly and bureaucratic joke. The Hip hasn’t made the process quicker or more certain, it has simply made it more expensive and choked in paperwork. It is the time this Government scrapped Hips once and for all.’
The housing minister, Caroline Flint, said: ‘What is clear from the trials is more buyers wanted to see the Hip but it was not always made available to them. We have taken action to increase awareness of the right to see a Hip and to remind agents of their responsibility to provide one. Consumers are benefiting. Search costs are falling, first time buyers are receiving important information.’
Recent additions:
- Advice given to potential home purchasers
- Many first time buyers facing soaring mortgage rates
- Darling addresses long term fixed rate mortgages in budget
- No change in interest rates for March
Related Posts
Are HIPS a waste of time?
Home Information Packs have been shrouded in controversy since they were first introduced last year, with both supporters of the packs and those opposed to them arguing their side. Those supporting HIPs have stated that these packs contain all of the information necessary to make the sale and purchase of a property smooth, quick, and hassle free. However, those opposed to the packs have said that they cause unnecessary delays, are costly, and are even resulting in fewer properties coming onto the market because some buyers are put off.»
HIPs won’t need to be replaced say Tories
According to reports the Conservative Party has promised that if it comes into power in the next general election in 2010 then it will be abolishing the controversial Home Information Packs or HIPs, which were brought in by the Labour government. The promise to abolish HIPs, which have been at the centre of controversy since they were brought in, was made by the Shadow Housing Minister Grant Schapps.»
Is it time to scrap HIPs?
There is no doubt that when legislation relating to Home Information Packs was brought in the year before last there was a great deal of controversy and dissatisfaction amongst both homeowners and various industry groups, such as estate agents. Officials from the Labour government have been insisting that these packs are a good idea, and that they will make the house selling process far faster. However, whilst Labour officials continue to defend these HIPs officials from other parties are insistent that they need to be scrapped.»
Some Londoners could find it more difficult to sell their homes
Many Londoners could find it increasingly difficult to sell their homes if they live near to the Thames, if new plans that have been proposed come into force. The new plans will require homeowners who are selling their properties to inform potential buyers of any flood risk. This has been proposed by Sir Michael Pitt, the head of a government enquiry into flooding.»
65 percent of would be first time buyers face gloomy outlook
It has been reported that as many as 65 percent of would be first time buyers that may have been hoping to get onto the property ladder before house prices start increasing again may have little or no luck, as they do not think that they will be able to afford to do so.»
One Comment
Leave a comment »Leave a comment
More from Mortgage News category
Ads and sponsors
[...] Trial shows HIPs not as successful as hoped [...]