Bye, bye HIP’s. Good news or not?
Whilst I was away training last week, the Government announced that HIP’s (Home information Packs) were to be suspended with immediate effect. My phone was red hot with calls from the press and I ended up conducting one radio interview from my mobile phone from a Royal Marines’ mess hall whilst having my lunch and another whilst out on the ranges, with the shooting team, banging off rounds in the background! Politicians just have no sense of timing.
My short answer to the title question is, yes; it is good news. There is a caveat to that though, in that many people have had their hard earned savings lost in fruitless training programs for a project that was doomed from the start and that many people who have just put their homes on the market, have wasted their money on these almost worthless packs.
HIP’s could be a good thing if they were written in plain English and included all the information that a buyer might need to exchange immediately, as in an auction pack and I believe that most, if not all, agents would support such legislation. Let’s see what happens in the near future; what the market really needs is a root and branch change in the way property is bought and sold in England and Wales.