HIPs to be extended

Grovelawn Financial News 22/11/2007

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Controversial packs rolled out to all properties

The Home information Packs have finaly been made compulsory for all homes. The government have announced that from December 14th all property owners will need to offer prospective buyers the pack which will include legal documents and an energy efficiency rating certificate.

The Government and the HIP service providers have said the packs will aid a speedier buying and selling process and enable those with a low energy rating of F or G to apply for a grant to improve their homes's energy effieciency. The cost of the packs is currently around £330-£350 and they take on average seven to ten days to produce. Critics of the packs say they are too expensive and not helping an already flat property market. The Royal Institute of Surveyors is unconvinced the packs will not have a negative effect on the market. A spokesman said that it believes that the HIP's may have led to the dissapearance of a large proportion of an estimated 20 per cent of speculative sellers.

← Fixed rate deals to end | News For November 2007 | Property price performance →

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