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The new Hip way of selling houses will save buyers money

Housing minister Yvette Cooper tells Jill Insley why information packs are a boon for first timers.

First-time buyers will benefit most from the introduction of compulsory home information packs next year because they have the least experience of the home-buying process, according to the housing minister, Yvette Cooper.

 

Home Information Pack activity accelerates

Government has set out today next steps to help homebuyers with the announcement by Housing Minister, Yvette Cooper, of details of a dry-run prior to introducing Home Information Packs (HIPs) on 1 June 2007.

The Government is introducing HIPs, which have long been called for by consumer groups, to address the serious problems and delays homebuyers and sellers face when they can't get early reliable information about homes.

 

Buying made easy?

Agents are divided, but Home Information Packs are winning fans, says Graham Norwood More unnecessary and costly bureaucracy or a time-saving, financially prudent exercise? Home Information Packs (Hips), which come into force in June 2007, have divided the property industry. But what about the people they are supposed to help? Well, Gary Cooper says the old adage that buying a house is one of life's most stressful experiences is complete nonsense - thanks to Hips.

 

What are the Benefits to First Time Buyers?

  • First time buyers are the most vulnerable and least experienced participants in the home buying process.  They need hard reliable information to inform their decisions.  Home Information Packs will provide this
 

A seller's burden

A seller's burden Home Information Packs are meant to speed up the buying process. Phil Spencer reckons they will do more harm than good

 

Government Timeline for Home Information Pack Reform published

Key milestones for the Home Information Pack programmes are published today, setting out what Government and industry need to do to ensure that Home Information Packs are successfully launched to consumers on 1 June 2007. 

Home Information Packs are a key part of a programme of reforms including electronic conveyancing, improved search processes and an estate agents redress system which will ensure consumers get a better deal when it comes to buying and selling a home.

 

What's wrong with the current system?

  • Currently, one million pounds a day is wasted on failed transactions and buyers often spend hundreds of pounds on valuations, legal advice and searches on transactions that ultimately break down. By providing key information at the beginning of the process, Home Information Packs will prevent waste and significantly cut the number of sales that fall through
  • survey carried out when buying a home.
 


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