HIPs apply to all properties

Posted on 14 December 2007 by Charcol

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Home Information Packs (HIPs) apply to all properties sold in England and Wales from today.

Under the scheme, which has now been extended to include two-bedroom and smaller properties, anyone putting a home of any size on the market must at least have commissioned a pack.

The cost of obtaining a HIP varies, but it is typically in the region of £300-350.

The introduction of the HIPs scheme has been far from straightforward. Earlier this year a legal challenge from the Royal Institution of Chartered Surveyors (RICS) contributed to a decision by the government to delay the scheme's planned 1 June introduction.

Quoted by BBC News, a RICS spokesperson said: "Our research shows [that HIPs] knock speculative sellers from the market."

"Twenty per cent of people put their homes on the market with no initial intention of selling, but then half of them change their minds when they get a good offer.

"HIPs will put an end to that and shrink the market."

From 1 June 2008, sellers will need to have obtained a pack before they are able to put their home up for sale.

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