Home Information Packs (HIPs) have been suspended by the government pending formal abolition. Houses marketed on or after 21st May 2010 no longer need a HIP.
If you are a potential seller this is good news as you don’t have to pay several hundred pounds up front to market your property!
You’ll still need to provide an Energy Performance Certificate (EPC) but not before you put your house up for sale. EPCs should cost less than the widely disregarded and unpopular HIPs.
The requirement for HIPs is thought by many property professionals to have deterred potential sellers from testing the market thus reducing supply.
Uncertainty about the new government’s timescale for dealing with the removal of HIPs was a further factor which might have put sellers off thus depressing a fragile recovery in the housing market. The swift action to dispel that uncertainty is welcome therefore and should provide buyers with more choice and aid general recovery.
The opportunity is now there for real consultation between the government and those involved in buying selling and lending on property to come up with innovative and real proposals to reform and speed up the house buying process.
The Property Team at Hartley & Worstenholme look to the future with optimism and interest and,as always, will be at the forefront of new developments.email.