HIPS to benefit first time buyers

18-Nov-2005

The planned implementation of home information packs (HIPs) will improve the process for aspiring homeowners, according to the housing minister.

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Responding to concerns that HIPs will negatively impact on buyers, Yvette Cooper has supported the government's plans to bring in the packs and assured first time buyers that they will benefit.

Ms Cooper explained that passing the responsibility of carrying out detailed searches to the seller would ease the administrative burden for potential buyers and provide them with an accurate report of the property.

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Estate agents are also confident that the packs will mark an improvement in the house buying process by reducing the time it takes to produce reports and complete sales, helping more people to get on the first rung of the property ladder.

"The introduction of HIPs is a positive step towards simplifying the home buying process as the packs will improve transparency and reduce the number of abortive sales," commented Paul Smith, chief executive of Spicerhaart, a network of independent estate agents.

The government announced yesterday that the official launch date of HIPs would be June 1st 2007, although a trial run is expected to be carried out first.

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