CML calls for postponement of Hips

22-Feb-2007

The Council of Mortgage Lenders (CML) has called for the postponement of the government's home information packs (Hips) scheme, which may be of interest to first time buyers.

According to the CML, implementation should be postponed as known problems with local authority searches have yet to be resolved, in addition to a number of other issues, which may concern prospective first time buyers.

"No one would dispute that the house-buying process is slow in the UK and could usefully be speeded up to benefit consumers," said the CML.

"But there is no clear evidence that Hips will solve the problems," it adds.

The CML believes that evidence from area trials and research should be produced before the packs are introduced and that issues such as the gold-plating of the obligations of the European directive for the delivery of energy performance certificates must first be resolved.

Find out more about the house-buying process including stamp duty, home information packs and conveyancing click here.

In related news, the Royal Institution of Chartered Surveyors has also called for the postponement of compulsory Hips, stating that the proposals have the potential to negatively impact upon the housing market and consumers.

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