The final phase roll out is an early Christmas present for DEAs who have been calling for the full implementation for some time, bringing all homeowners into line.
This only leaves new-build residential homes and commercial properties to consider. The government has confirmed that as from April 2008 new-build homes will require an Energy Performance Certificate. Within the same timeframe, the introduction of commercial EPCs will also come into force for properties made available for sale or rent.
Interestingly, the government has also confirmed there will be an extension of the ‘First Day Marketing’ provisions for an additional five months to 1 June 2008.
The reason cited for this is to ensure smooth implementation due to the delayed commencement of the full initiative. It will also give time to offer guidance to Local Authorities dealing with access to and charging for search documentation that is required in the HIP.
The Association of Home Information Pack Providers (AHIPP) and many voices from the industry had been calling for the end of first day marketing to be delayed for some time as it would allow HIPs to fully settle into the market after the full roll out.
With the end of First Day Marketing now pushed to 1 June 2008, this means people looking to sell their property during the first half of next year must at least have ordered a pack prior to marketing, but don’t necessarily need to have one completed prior to marketing.
What Next For HIPs?
So what will 2008 bring to the HIP initiative? It’s certainly going to be interesting to watch the continued roll-out and take-up of HIPs. The benefits will start to appear as the entire home buying and selling market will start realising the transparency that the packs will provide to the process.
In addition, the speed in which HIPs are created and delivered will only improve as Local Authorities increase the speed and way in which they deliver their search data.
The ‘exchange ready’ HIP will be widely discussed and bought to the fore next year, as the industry starts delivering HIPs that contain all the relevant legal documentation that is required to make the pack instantly acceptable to a buyer’s solicitor, so they can use it to quickly progress to exchange of contracts.
Another subject that will be debated widely in 2008 will be the mandatory inclusion of the Home Condition Report into HIPs. Initially included in the pack’s contents, these were changed to be an optional document before the initiative went live earlier this year.
Quest has always believed the HCR is a fundamental part of a HIP – without the HCR in the pack, it is like taking a car for an MOT but not lifting the bonnet to check whether it is roadworthy.
This will not only provide a complete picture of the property in question, but will go towards making the HIP a more acceptable and useful document that will streamline home-buying and make the transaction much more transparent.
One thing’s for sure, HIPs will continue to make the headlines in the coming year as it becomes an established element of the home buying and selling process and the benefits start to speak for themselves.
