21st March 2007 10:19
In spite of protests from the NAEA (National Association of Estate Agents) to the proposed Home Information Packs scheme, the Department of Communities and Local Government confirmed that HIPs will become law on 1st June 2007.

Confirmation comes from a leaflet distributed to estate agents across the UK entitled "Home Information Packs, is your business prepared?" The leaflet dispels rumors that the initiative might be deferred, and aims to inform estate agents of their duties within the new scheme, advising them to secure a HIP provider.

HIPs are intended to make buying and selling property more efficient and prevent buyers wasting money on searches, surveys and legal fees. The government expects the new system to speed up the process and also alleviate the UK’s high failure rate in property sales (28%), which accounts for the loss of over £350mn per year

The NAEA have been staunch protestors against the new scheme, claiming that the effect of the area trials and impact assessment will not be known prior to the full introduction of HIPs in June. The NAEA is dubious that HIPs will prevent the practice of gazumping and predict that it will cost consumers more than it will save them. Nevertheless, it looks as though the initiative will go ahead as planned. The revised HIP regulations will be delivered on 29th March and will become law on 19th April, taking effect as of June.

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