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September 17, 2007

Hips will become routine

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by Kay Mitchell

Hips will become routine

In spite of being subject to criticism, Home Information Packs (Hips) are set to become second nature within the next 6 months according to Chesterton, the London-based estate agent.

Currently Hips are required for properties with 3 or more bedrooms but eventually all homes will require a Hip. However, the scheme is still subject to heavy criticism with moneysupermarket.com again calling for the government to acknowledge its errors. Moneysupermarket.com said the government should admit that Hips are a disaster.

Hips have also been criticised for being overly bureaucratic and for forcing property from the market due to their cost.

Hips were originally created to prevent gazumping, make the sale process quicker and provide homebuyers with detailed information about the structure and energy efficiency of the property.

According to a spokesperson for Chesterton, Hips will become second nature in 6 months time and be seen as a normal stage in the selling process.

The Royal Institution of Chartered Surveyors (Rics) recently announced that the number of 4-bedroom houses for sale has dropped by 51% compared to 12 months ago – many believed this was predominantly due to the introduction of home information packs.

However, Chesterton argued that 4-bedroom houses rarely come onto the market during August as they are family properties. This type of person tends to put their property on the market after the summer holidays.

Finally, if a person marketing their property fails to produce a Hip, they will be subject to a £200 fine for every instance they are caught marketing without a Hip.


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