Hips are effective according to Connells

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by Kay Murchie

Home Information Packs (Hips) were introduced to speed up the home buying and selling process as well as providing consumers with a faster and more cost effective service.

However, they have been subject to heavy criticism since they were introduced.

Hips were launched on August 1 to include properties with 4-bedrooms or more and rolled-out to include 3-bedroom properties on September 10. They included all properties from December 14 last year.

Estate agency Connells has said that Home Information Packs (Hips) are effective as housing transactions are quicker.

A study by the estate agent, who tracked property sales between 2 August 2007 and 31 March 2008, established that properties with a Hip were sold twelve days faster than those without one.

Roger Wilson of Connells said having the information required for the pack available early in the transaction means the conveyancing process can start immediately.

If for any reason the purchaser does pull out, and a new purchaser needs to join a chain of transactions, then they can catch up quickly, which can save time and money, added Mr Wilson.

Mike Ockenden of the Association of Home Information Pack Providers said that Connells research shows that Hips are doing what they set out to do.

It was announced last week that the final phase of Home Information Packs (Hips) had been delayed by the Government until the end of the year.

The original plan was for the final phase to be implemented on 1 June but this now means that homeowners in England and Wales have been given extra time to comply with the final rules for Hips.

A report in March by consumer group, Which?, quoted the Law Society saying it believes Hips are ‘the worst piece of consumer legislation in 50 years’.