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HOME INFORMATION PACKS SUSPENDED WITH IMMEDIATE EFFECT.
Communities Secretary Eric Pickles and Housing Minister Grant Shapps announced today that the requirement for homeowners to provide a Home Information Pack (HIP) when selling a home, has been suspended from Friday 21 May 2010. The permanent abolition of HIPs requires primary legislation, which the Government has confirmed they will be doing as soon as practicable.
After weeks of speculation surrounding the future of HIPs, today’s announcement is seen as a welcome boost for potential sellers entering the property market. Suspending HIPs will reduce the cost of selling a home, remove a layer of regulation from the process and provide help to the housing market during the recovery.
Sellers will still be required to provide an Energy Performance Certificate (EPC), although once commissioned, properties can be marketed before the EPC has been received.
We are pleased that the new Coalition Government has ended the uncertainty surrounding HIPs in today’s announcement. With sellers now able to market their properties without the need for a HIP, this should encourage more properties onto the market and assist the housing market during its recovery. We look forward to the boost this will bring to the current market and believes that this Summer could be the time to sell your home.
