HIP suspension welcome news for housing market

The government’s recent decision to suspend Home Information Packs is good news for the housing market, according to local estate agency William H Brown in Welwyn Garden City. The move, which is effective from Friday 21 May and means that homeowners no longer require a HIP to put their property on the market, will reduce barriers to entry for sellers by taking away the initial cost of moving.
“Following much conjecture as to whether Home Information Packs would stay both before and during the election, we are pleased that the new coalition Government has decided to act quickly on this issue,” says Claire Winnan, Branch Manager for William H Brown. “The decision is likely to encourage more speculative sellers into the market and reduce cost and complexity for those wanting to move home.”
Sellers will still need an Energy Performance Certificate (EPC), previously included alongside the HIP. EPCs should be commissioned before a property can be marketed and should be provided at the earliest opportunity to potential buyers and before entering into a contract to sell the property.
“The market has changed exponentially since HIPs were introduced in August 2007,” Claire continues. “The new Government’s decision to scrap HIPs thereby reducing barriers to buying and selling homes is clearly responding to the challenges in the current market and will be welcome news to homeowners.
Claire Winnen, William H Brown

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