Home Information Packs (HIP) for properties with three bedrooms starts today. This follows the launch for four bedrooms or more on 1 August 2007.
Home Information Packs (HIP) are being phased in three stages. This is the second stage and finally, all property sizes will soon follow. Along with the Home Information details, such as searches, land registry details etc, Energy Performance Certificates are also included in the packs.
Our view
Many so-called experts are saying that the introduction of this scheme is having an effect on the housing market. It may have a minor effect but we suggest that interest rates have had a much greater effect.
The costs to move, stamp duty and mortgage application fees are a much greater costs than just the report. We suggest sellers will merely incorporate this cost in their asking price and when people accept offers that vary by many thousands to their asking price, is £500 for a report really going to make that much of a difference?
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