Britons want adjustments to Hips

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by Kay Murchie

Home Information Packs became compulsory for 4 or more bedrooms on August 1, on September 10 this was rolled-out to 3-bedroom homes. However, just a few weeks after the launch, home sellers are asking for changes to the scheme. Approximately, 63% of property in the UK is now covered by the scheme.

The average pack costs £350 and it is expected that the government will announce a date shortly for the full-scale rollout of the scheme for the UK property market.

According to the Hip Payment Service, 76% of sellers do not want to pay for a Hip until the sale is complete. They would prefer their estate agent to offer deferred payment options for Hips, allowing them to meet the cost when their property has been sold.

A spokesperson for Hip Payment Services commented that estate agent and solicitors fees are traditionally charged at the end of the sales process. However, the launch of Hips has added a new dimension to the house buying and selling process.

Hip Payment Services added that in response, agents have to adapt their initial offerings - developing a ‘buy-now, pay-later’ system - in order to meet consumer demand.