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Hips rolled out in 12 new locations

1st February 2007 | back to article listings BACK    print this article PRINT

Attempting to ease the transition to making home information packs (Hips) part of the normal house buying and selling process, the Association of Home Information Pack Providers (AHIPPs) announced that 12 new locations across the country will able to use the documents before they become compulsory from June 1st.

Six UK cities are already part of the trial process but from today (February 1st) towns along the Thames corridor, M4 corridor as well as other major cities such as Nottingham, Bristol, Cardiff and Manchester.

According to data from AHIPPs, 1,000 packs were taken up in the first three months of the initial trial, a figure that the organisation calls "a huge success".

Paul Broadhead, deputy general for AHIPPS, which is launching the roll out, said: "This extended roll out will allow a phased implementation of packs, and ensure that industry is fully prepared and committed to deliver the full benefits to home buyers and sellers when the packs become mandatory on June 1st.

"It is essential that industry engages now, to enable a smooth implementation and to increase both their awareness and their understanding of the packs and what they will achieve."

Estate agents in these 12 new locations are being encouraged to get used to providing Hips because from this summer they will have no choice but to issue them to homeowners.

Hips are collections of documents that, in their entirety, tell the buyer everything he or she needs to know about a property.

Documents required include: a statement summarising the terms of sale; evidence of title deeds; standard searches such as local authority enquiries, drainage and water searches; energy performance certificate; leasehold information where appropriate; commonhold information where necessary; a new homes warranty; and a home condition report.

The aim is to make the buying and selling process more transparent and quicker for both parties.

At present, nine out of ten people say that they are dissatisfied with the process of trading on the property market while one in four transactions collapse before contracts are exchanged.

This ends up costing the industry an estimated £1 million every day and the introduction of Hips aims to make the process more efficient thus cutting this sum.

However, the packs have been controversial within the housing industry as some experts claim the cost and bureaucracy involving in compiling the packs will actually serve to slow down the selling process.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/3258.html. Alternatively, please see our full press release archive.

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