News: Hips trial radically cut property time-wasters

The introduction of home information packs will cut out time-wasters, streamline the house buying process and help to improve the nation’s housing stock, argues the newly formed trade body, the Association of Home Information Pack Providers.

Currently it is estimated that around one in three house sales fall through, many after surveys reveal defects in the property. With Hips providing all the information on the condition of a property up front, buyers will be immediately aware of any potential issues with the property and will be able to decide there and then whether they are willing to take these on or negotiate a realistic reduction in price. As a result the number of failed sales is certain to drop.

Following the introduction of Hips in Bristol over a period of years, one of the association’s members now has a fall through rate of just 1.3% - down from 26% prior to when a voluntary but paid-for Hip was first offered to clients.

What are the other advantages? According to the Association of Home Information Pack Providers:

  • Hips will improve the housing stock as sellers repair obvious faults prior to sale.
  • Hips will dramatically cut down on failed transactions and reduce the stress of moving as the condition of a house will be known to all buyers before marketing commences.
  • First-time buyers will benefit by having a free pack including a home condition report and searches paid for by the seller.
  • Hips will help indicate the cost of running a house and assess it’s energy efficiency - a result of an energy performance survey.
  • Hips will reduce the number of speculative buyers - who are twice as likely to pull out of a sale.

Paul Broadhead, deputy director general of AHIPP comments: "There are so many misconceptions and misinformation about Hips that the true story about them has not property reached the public."

"A recent campaign group claims to have the support of over 1,000 estate agency firms who are anti- Hips. What is not mentioned is that this group surveyed the 10,000 members of the National Association of Estate Agents. The vast majority of them did not support this campaign."

"Hips will be seen to be the consumer’s friend and will dramatically modernise the house buying-selling process. You should ask yourself why these agents are so against it do they really have the interest of the public at heart? I don’t think they do."

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