Early trials suggest high levels of satisfaction with HIPS
17th Apr 2008
Consumers who took part in the early trials of Home Information Packs (HIPs) were happy with the system, according to a survey carried out by the research organisation Ipsos MORI.
HIPs have been required by law since last December by anyone selling a home of any size in England and Wales. They contain information about the property for sale such as the results of local searches and an energy performance certificate.
The research showed that “72% of sellers were satisfied with the HIP, 79% agreed that it contained everything expected, and 81% understood the documents, including their energy rating, from A-G, in the Energy Performance Certificate (EPC)”.
Nearly one third of buyers said they intended to carry out the recommendations in the EPC to improve the energy efficiency of their home. Just under 60% of buyers said they would have liked to have seen the HIP earlier in the process. Many didn’t get the chance to see it until after they had made an offer on the property.
In response to the findings the Government has organised a public information campaign to raise awareness of HIPs and remind estate agents of their responsibility to make sure the packs are readily available to ensure buyers get the full benefit.
The findings are based on trials that took place between November 2006 and April last year and so many of the problems and delays in providing HIPs have now been ironed out. Housing Minister Caroline Flint said: "Consumers are already benefiting from the introduction of HIPs. Search costs are falling as a result of increased transparency in the market, energy ratings can help people to reduce fuel bills, and first time buyers are receiving important information about their home for free.”
But, as Peter Pownall of David Phillips and Partners points out, not all HIPS are the same. ‘HIPS contain legal information, such as details of the ownership of the property, any easements which may apply and any mortgages. As such, they are best left to solicitors rather than estate agents or other unqualified people to avoid duplication of work and fees.’
Please contact Peter on 0808 156 3066 if you would like more information about HIPs or any aspect of buying and selling a home.