The announcement clearly sets out what the society and the industry needs to do to make sure house sellers will have the necessary HIP in place to sell their property from June 2007.
Mick McGuire, director of business development at Principality Building Society, said: "This is great news for everyone involved in the housing market. There has been some uncertainty about the timing for HIPs and estate agents, solicitors, surveyors and lenders are now able to plan ahead with confidence. As Wales’ largest building society, with our own surveying team and an estate agency subsidiary, Peter Alan Ltd, we are well placed to take advantage of the business opportunities presented by these proposals.
"Now that the government’s timeline is certain, we are able to invest in the systems and the extra home inspectors needed to support this valuable and growing new business.
"HIPs will increase transparency in the housing market and, by speeding up the house buying process, will be good news for both buyers and sellers alike. However, for customers to fully benefit, there is a need for everyone in the industry to fully embrace the changes and work together to make HIPs happen on time."
Currently, £350 million a day is wasted by consumers as a result of aborted transactions as buyers often spend hundreds of pounds on valuations, legal advice and searches. By providing key information at the beginning of the house buying process, HIPs will prevent waste and significantly cut the number of sales that fall through. The Home Condition Report, an objective report on the condition of the property, is a key part of a HIP.
Mick continued: "We are committed to delivering a market leading HIP proposition for all our customers and to support estate agents in Wales. Our existing team of surveyors has largely completed the training required to carry out home inspections and we are currently implementing a training and recruitment programme which will allow us to become the leading provider of Home Condition Reports in Wales by June 2007."
