First time home buyers 'to benefit' from Hips

22-May-2007

The forthcoming introduction of home information packs (Hips) will benefit first time home buyers, it has been claimed.

According to the Association of Home Information Pack Providers (Ahipp), the introduction of Hips will enable first time buyers to reduce their costs and minimise wasted time.

"A fluid influx of first time home buyers underpins the house buying market and brings vital buoyancy to the wider UK economy," said Paul Broadhead, deputy director general of Ahipp.

"As the vendor will be responsible for acquiring the Hip, duplicated costs will be eliminated [and] buyers will be able to make a more informed decision on the purchase from the offset," he added.

Under the present regime, all home buyers are required to cover the cost of a number of items, including searches, surveys and mortgage valuations.

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

Ahipp was established in 2005.

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