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Home Information Packs face new changes
Home information packs (Hips) are set to face further changes in the new year.
Once considered the bête noir of the property market, and already stalled and cut back sizably before their launch last year, the collapse of the property market has put them on the back burner as an issue.
The government is now increasing what is to be included in packs and how quickly they must be provided.
A new Property Information Questionnaire (PIQ) will be included with flood risk information, gas and electricity safety, service charges, structural damage, and parking arrangements.
From April 6th 2009, Hips must also be provided on the first day of marketing a home – and not after 28 days as current regulations stand.
The government claims the changes will place no further burden on estate agents and the packs have not caused a slowdown in the housing market.
Margaret Beckett, housing minister, said: “Home information packs are potentially a vital aid to consumers who are seeking to purchase a home, and I am firmly committed to ensuring they work as well as possible.
“It is essential that all buyers are able to see the Hip as early as possible to ensure they are benefiting from this important information, and that sellers are getting to see the pack they are paying for.”
The Royal Institution of Chartered Surveyors (Rics) has welcomed the move, claiming aspects of Hips are not working well.
Gillian Charlesworth, Rics director of external affairs, said: “We have said many times that the Hip has not brought about any benefit for consumers and we are pleased that the government has recognised how much more can be done if they work with responsible property professionals rather than allowing vested interests to dictate policy.
“The challenge now is to ensure that by April we have a Hip that does what the government claims, and brings genuine benefit to home buyers and sellers.”
Yesterday the Office of Fair Trading (OFT) also announced an investigation into estate agents in the UK and ways to improve the home-selling industry.
A HIP must currently include evidence of title, terms of sale and standard searches, along with an energy efficiency rating.
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