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Home Inspection News

Dodgy HIPs Emerge

The Law Society has warned property buyers and sellers to be watch out for dodgy Home Information Packs (HIPs), after alarm were raised by the government that some dodgy Home Information Pack providers are putting in the wrong documents.

 

Hips have mitigated home sale cancellations

Home sale cancellations declined since the introduction of home information packs (Hips), according to LMS.

Figures from the Hip provider show that cancellations of instructed sales dipped from 17 per cent at their peak during the summer to just 15 per cent up to December last year.

 

Call to continue Hips concession

Campaigners want sellers to keep the right to put their home on the market before their home information pack (Hip) is finalised.

At present owners can market their properties as soon as they have commissioned a Hip, but from June it will have to be completed first.

 

Low cost HIPs risks

It is becoming clear that low-cost Home Information Packs (HIPs) are causing concern and expense for sellers and buyers due to inaccurate content and missing documents.

The lack of awareness about HIPs has meant that most consumers are choosing the lowest-cost products possible. With providers being forced to cut prices to survive, the resulting compromises in quality are having a major impact on buyers who are being discouraged by incomplete information contained in a HIP, making them increasingly nervous about their purchase. Although most HIPs are legally compliant, this offers no guarantee that they are either complete or accurate.

 

The effect of Hips on the property market

What effect has the introduction of home information packs (Hips) had on the housing market, and will their impact grow or diminish in the coming months? Few issues have caused as much wailing and gnashing of teeth as Hips. The Royal Institution of Chartered Surveyors (Rics) fought hard against them, seeking a judicial review ahead of their introduction because of a lack of proper consultation. Many of the surveyors contributing to the gloomiest Rics house-price survey since 1992, published last week, put some of the blame on Hips. The National Association of Estate Agents remains opposed, even though Hips have been required since December 14 for the sale of all properties.

 


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