The Association of Home Information Pack Providers (AHIPP) has long campaigned to get HIPs rolled out for the benefit of consumers and the environment. However it believes this is the starting point and the challenge now is to improve and add to the pack so that HIPs can become exchange ready and fulfil their ultimate potential.
Commenting on this, Mike Ockenden, director general of AHIPP, said: We welcome the full roll out of HIPs today in particular because of the help they give to first-time buyers but this is only the beginning. We are now looking to work with all other industries involved in the home buying and selling process to develop and improve HIPs and their content, so that they can be fully incorporated into the house buying process.
For HIPs to fully inform potential buyers about properties they are viewing it is vital that the Home Condition Report (HCR) is made a mandatory part of the pack and that many of the searches which provide information on flooding, ground movement and contamination are included.
AHIPP believes that by bringing this information back into the pack and certain documents that are required to complete the legal process, HIPs can be made exchange ready. This means that a buyer who has an offer accepted can pass the pack to his or her lawyer who can rely on the contents and move quickly to exchange of contracts.
Exchange ready HIPs will remove delays from the process and reduce the number of failed transactions which have been running at over 25 percent costing consumers £1 million per day. They will also ease the extraordinarily high level of stress associated with buying and selling homes and reduce the cost of the process. Further, they will give aspiring first-time buyers help in owning their first home, said Ockenden.
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