AHIPP research shows that:
• During the first year, HIPs have significantly reduced the time taken to exchange of contracts by an average of 12 days, in some cases even more.
• Home buyers are able to make better informed decisions about the biggest purchase of their life.
• The price of a local authority search has reduced by an average of 30%, a shift that never would have taken place had HIPs not been introduced.
• Thanks to HIPs estate agents now need to belong to an approved redress scheme, engineering more consumer protection into the process than ever before.
Paul Broadhead, deputy director general, AHIPP, said: “Even in their present incomplete form HIPs are already having a positive impact on the market. Consumers are benefiting from faster transactions, reduced stress, cheaper searches and better protection. With more consumer friendly information in packs from the beginning of next year along with the ending of estate agents marketing homes without packs, the benefits will be increasingly obvious for all to see. I believe the government should now go even further. The provision of a condition report and full environmental information would really drive consumer demand for HIPs.”
Broadhead concluded: “I would call on the government and the opposition parties to get over the politicking and get on with the job in hand. People are entitled to information early in the process about the property they are buying. Continued delay in delivering this in full is letting down home buyers and is just not acceptable.”
