Print friendly version 15 May 2008

HIPs speed up transactions

Home Information Packs (HIPs) speed up housing transactions, according to estate agency group Connells.

Research from Connells, who tracked property sales between 2 August 2007 – when HIPs were first implemented – and 31 March 2008, found that properties with a HIP were sold twelve days faster than those without one.

Roger Wilson, spokesperson for Connells, said: "Having the information required for the pack available early in the transaction means the conveyancing process can begin straightaway. And if for any reason the purchaser does pull out, and a new purchaser needs to join a chain of transactions, then he or she can catch up quickly, which can save time and money.”

Mike Ockenden, director general of the Association of Home Information Pack Providers, said: “This research shows that HIPs are doing the job for which they were designed and I expect this will be difficult for opponents of HIPs to take.

“Some HIP critics claim that they are looking to improve the process, yet continue to oppose a reform that is doing just that. I invite them to get behind our call to enrich the HIP with further information in respect of the condition of the property and the environment in which it is located. HIPs would then do an even better job for home buyers and sellers.”

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