This trend can be seen throughout the UK with East Anglia demonstrating the biggest decrease in offer to exchange times. Sales of houses with a HIP between January and June 2008 in East Anglia take on average 20 days less than over the same period in 2007. The East Midlands is not far behind with offer to exchange times in 2007 taking 14 days longer on average than for houses sold in 2008 with a HIP.
Dominic Toller, director of marketing and new business at LMS, commented: “These figures show that HIPs have clearly resulted in a quicker house buying process. By having all the necessary information upfront, house sales can go through without complications and lengthy waits.
“The more efficient the house buying process is, the more unlikely it is for transactions to fall through, benefiting both the seller and the buyer.”
