Whilst 89% knew that there was a fine, 84% did not know that it was £200 per day; 36% thought that it was £200 in total, 12% believed it was under £200 in total and the remainder gave no implication of the financial penalties.
Ashley King, director of SimplyHip said: "The research shows that a lot more needs to be done to ensure that the industry is fully prepared and trained apropos HIPs. Many agents felt that a fine of only £200 was a scant disincentive to ensure that vendors had a completed HIPs prior to commencing the marketing of their property."
However, when asked whether a £200 a day fine was a large enough inducement to ensure compliance, 73% agreed, 9% disagreed and 18% did not know.
King said: "There has been reasonable consultation about the amount the fine should be and it seems that, when in the know, agents are positive that the figure is set at the correct amount to deter vendors from attempting to sell their property without a completed HIP."
Only 15% of those questioned knew that those exempt from having to complete a HIP were private sellers, selling to a family member or friend. 76% believed that everyone had to have a HIP and the remainder did not know.
King believes that additional clarity needs to be given as to who is exempt from completing a HIP. He said: "To date there is still confusion as to all the rules and regulation surrounding the exemption clauses."
