HIPs may be affecting the housing market estate agents
November 29, 2007
Home Information Packs were introduced in the UK earlier this year by the government, and these packs, known simply as HIPs, are now a legal requirement for any home of three bedrooms or more that is being marketed for sale.
HIPs have been at the centre of controversy since their inception, and many industry professional have stated that they are costly and cause unnecessary delays, despite assurances from the government that these packs are designed to provide additional protection and information to potential buyers.
Officials from the government have stated that the information contained in Home Information Packs is information that would need to be obtained as some state during the sale anyway, and therefore HIPs simply create a more concise and convenient way of obtaining and providing the necessary information required when it comes to the sale of a residential property in England and Wales.
However, the estate agents industry has recently attacked HIPs stating that these packs have resulted in a far lower number of larger properties being put up for sale on the market for this time of year. According to an officials from the National Association of Estate Agents: “Clearly everyone accepts that there are a number of financial and economic factors that have caused the market to take a breather after seven hectic years. However, these figures show that there is an anomaly between instructions on properties where a Hip is required and where one is not.”
He added: “With sales slowing and normally a traditional autumn bulge in instructions, it would be normal to expect stock levels to be significantly higher. This once again appears to show the adverse effect Hips are having on the market, the lives of consumers and indeed the overall economy.”
Alan Wright
29th November 2007
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