Submitted on Monday 11th December 2006
HIPS may cause 2007 blip
Home Information Packs are a govenment iniative designed to make the process of buying a house more efficient and less risky for purchasers by putting the onus on sellers to provide certain information up front. The government has already diluted its initial concept and is currently conducting trials ahead of the planned launch on the 1st June 2007. As with all significant market developments e.g. the removal of MIRAS some years back, expect this to disrupt the market with vendors rushing to sell before the deadline in order to avoid costs.
The Government trials of HIPs, in partnership with the industry are now underway in the following regions: Bath, Cambridge, Huddersfield, Newcastle, Northampton and Southampton. The trials are ‘aimed to help test both the Packs and full Home Condition Reports’.
Also this month, the Association of Home Information Pack Providers (AHIPPs) announced a further roll-out of the packs in 12 new locations for early 2007 including: a section of the M4 corridor (to include Reading, Basingstoke and Wokingham); Manchester; Cardiff; Coventry; Hereford and the Marches; Bristol; Leicester; Chelmsford; Nottingham; Plymouth; Liverpool and the Thames corridor (from North Kent and London to the Channel).
The trials began in Newcastle on November 6th with sellers able to request a HIP. Sellers in certain areas will be offered free HIPs.
For more information see: http://www.homeinformationpacks.gov.uk
