HIPs delay hitting homebuyers

Political one-upmanship by the Government and opposition parties is preventing home information packs (HIPs) from being delivered in full, and letting down homebuyers, AHIPP says. The Association of HIP Providers claims HIPs have so far been successful in bringing down the cost of local authority searches, but says the product needs to be allowed to develop further.

AHIPP also claims the introduction of the must-criticised packs has also reduced the average time taken to exchange contracts.

The introduction of HIPs has so far caused the cost of local authority searches to fall by 30%, according to AHIPP.

AHIPP also claim the introduction of the packs has decreased the amount of time taken to exchange contracts by an average of 12 days.

“Even in their present incomplete form HIPs are already having a positive impact on the market. Consumers are benefitting from faster transactions, reduced stress, cheaper searches and better protection,” says Paul Broadhead, deputy director general of AHIPP.

“With more consumer friendly information in packs from the beginning of next year along with the ending of estate agents marketing homes without packs, the benefits will be increasingly obvious for all to see.”

AHIPP is urging political parties to cease bickering over whether HIPs should exist and implement the packs fully so they can provide major benefits to consumers.

However, the National Association of Estate Agents (NAEA) has branded the packs a disaster.

Peter Bolton King, chief executive of the NAEA, comments: “The launch of HIPs onto the marketplace was far from smooth with delays and u-turns, together with a fundamental error on timing.

“Indeed the debate still rages whether the timing of the launch has had a crippling effect on what is already a rocky time for the property industry.”

AHIPP says politicians are largely to blame for the problems HIPs have experienced and Broadhead has called on ministers to get on with fully implementing the legislation.

“I would call on the government and the opposition parties to get over the politicking and get on with the job in hand. People are entitled to information early in the process about the property they are buying. Continued delay in delivering this in full is letting down home buyers and is just not acceptable,” he says.