Government announces Hips delay

23-May-2007

The UK government yesterday announced a delay of its June 1st start date for the implementation of home information packs (Hips), which may affect first time home buyers.

Although the start-date has been pushed back to August 1st, this will only be applicable for properties with four or more bedrooms; however, such properties make up 18 per cent of the UK property market, which may be of interest to first time home buyers looking for a larger home.

"[Yesterday's] announcement is an embarrassment for the government," said James Cotton, mortgage specialist at London & Country.

"The government is in disarray - they are lurching from one case of incompetence to another," added Michael Gove, shadow minister for housing.

The decision to modify the June 1st deadline was taken following the implementation of a legal challenge by the Royal Institution of Chartered Surveyors.

Although the scheme is still to be implemented for other types of properties, a date has so far not been specified.

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

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