Housing market being adversely affected by HIPs
July 7, 2008
Home Information Packs that came into force earlier this year are now required for homes of three bedrooms or more that are being marketed for sale, and a number of estate agents have stated that these controversial packs are adversely affecting the housing market. Industry officials have stated that according to their record there are fewer larger properties up for sale on the market for the time of year, and this is thought to be connected to the requirement of HIPs.
According to the Chief Executive of 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 also stated: “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.”
Home Information Packs are eventually going to be rolled out to cover all residential properties that go up for sale, not just larger ones. Government officials claim that these packs are designed to increase ease and peace of mind for potential buyers, but those against the HIPs state that they are costly and cause unnecessary delays. However, it has been made clear that if any residential property of three bedrooms or more is marketed for sale without a Home Information Pack there could be serious consequences for either the vendor or the estate agent dealing with the sale.
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