HIPs to lower costs for first time buyers

03-Feb-2006

The implementation of home information packs (HIPs) will help to lower costs for aspiring homeowners, according to pack providers.

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Responding to recent claims that they will have a negative impact on the market, Mike Ockenden, director general of the Association of Home Information Pack Providers, argued that buyer costs will be lowered by up to £1,000.

Mr Ockenden believes that first time buyers are set to benefit from the new system, which aims to speed up the house buying process and make it more accessible.

The packs will contain details on searches, planning permission and a home condition report, all of which is paid for by the seller.

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Stephen Nation, director of home information packs at Spicerhaart, agreed that HIPs will boost the current market and act as an incentive to potential buyers.

"First time buyers, who currently face pressure on affordability, will not have to struggle to raise the extra finance on local searches and surveys which has been a stumbling block for many," Mr Nation explained.

"With the availability of 100 per cent mortgages, home information packs provide a very real incentive for buyers to return to the market."

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