Home Information Packs are HISTORY |
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20th May 2010
IT'S OFFICIAL: The government has suspended the use of Home Information Packs (HIPs) by home sellers.
HIPs were introduced in 2007 in England and Wales.
The aim was to speed up the house selling process by obliging sellers to provide much of the required conveyancing information when properties are first put up for sale.
The packs are paid for by sellers and contain property information, title deeds, and local searches.
"Today the new government is ensuring that home information packs are history," said Housing Minister Grant Shapps.
"By suspending home information packs today, it means that home sellers will be able to get on with marketing their home without having to shell out hundreds of pounds upfront.
"We are committed to greener housing so from now on all that will be required will be a simple energy performance certificate," he added.
Eric Walker, MD of Bushells comments, "This is great news. Whatever the view regarding these packs, the indecision was creating a real problem and forcing many agents and vendors to break the Law. There is little doubt that HIPs failed to achieve anything other than increase to cost for selling and many agents were being paid referral fees for introduction. Lets hope that this news underpins the recovery in the housing market"
