Extending HIPs to all homes will 'help first time buyers'
14th Feb 2008
The decision to extend the Home Information Pack system to homes of all sizes will be a major help to first time buyers, according to Government ministers.
HIPs were first introduced for four bedroom homes in August and then for three bedroom homes in September. From 14th December onwards they are compulsory on homes of all sizes in England and Wales.
The purpose of the packs is to make the system more efficient by obliging the vendor to provide essential information about the property as soon as it is placed on the market. The packs contain information that buyers used to have to find out for themselves such as the results of local searches.
They also contain Energy Performance Certificates which rate the energy efficiency of the property. Ministers say the extension of HIPs to smaller properties will benefit first time buyers as they will no longer have to pay for such things as local searches.
According to the Department for Communities and Local Government, the packs are already helping consumers because increased competition is reducing the cost of property searches. It says that 85 local authorities have already reduced their search charges by an average of £30.
Housing Minister Yvette Cooper said: “HIPs and EPCs are already helping consumers to save hundreds of pounds off their fuel bills and are cutting search costs too. All home buyers will be able to benefit from energy efficiency advice, with those receiving low green ratings of 'F' and 'G' especially targeted for support and grants to make improvements to cut their costs and carbon emissions.”
Early monitoring of the scheme suggests that the roll out has gone relatively smoothly. Government figures show that HIPs are taking on average 7 to 10 days to prepare and most property, drainage and water searches are delivered within 5 days. Energy Performance Certificates are being prepared on average within 2 to 4 days
Anyone selling a house regardless of its size must now provide a Home Information Pack. Please contact us if you would like more information.