The Council of Mortgage Lenders is calling for the Government to rule out a Spring 2007 launch for home information packs, as they believe that it will result in a 'pre-HIP rush' that will ruin the traditional 'boom season'.
They believe that bringing in the packs at this time will result in sellers trying to sell their homes earlier in the year, to avoid the requirements, which may create a quieter Summer, and in turn damage property prices, as consumers will try to avid paying the forecast £635 costs per household.
The Office for the Deputy Prime Minister has stated that they are at present discussing this issue, and will be doing some research on the market impact with the Council of Mortgage Lenders and HSBC.
Our view
Lenders, Estate Agents, Advisers and Legal Advisers have known for nearly five years that Home Information Packs were on there way. There is no reason why we all cannot cope with what is required sooner rather than later.