Hips delay causes first time buyers to lose out

20-Jul-2006

Housing minister Yvette Cooper has announced that home condition reports, which were intended to give first time buyers timely information about property, would not form part of home information packs (Hips) when they are introduced next year.

Price comparison website, moneysupermarket, has criticised the move, stating that the delays make "the principal objective of Hips completely redundant".

Louise Cuming, head of mortgages at moneysupermarket, said: "The whole point of this piece of legislation was to make home-buying simple and straightforward for the purchaser.

"Under current process, any defects are discovered after time and expense, often multiple prospective purchasers obtain the same reports – with further delays to sale."

Hips will still be introduced in June next year, comprising searches and energy performance certificates, although home condition reports will not be mandatory.

At the present time, £1 million is lost on a daily basis when sales fall through.

2008: May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar