UK Money News
29th November 2007
Hips 'will benefit market in the long run'
In the long run, the extension of the home information packs (Hips) initiative to cover all properties in England and Wales will have a positive effect on the market, it has been claimed.
Industry provider Hip Hip Hooray argues that as a result of the scheme those looking to compare mortgages and those selling their homes will have a clearer understanding of a property's condition.
Consequently, it is likely that there will be fewer "fall-throughs", the company claims.
Lesley Sorridimi, spokesperson for the firm, states: "It will mean less properties but it will mean less fall-throughs at the other end and less disappointed buyers who want to buy the property only to find out the seller was never serious in the first place."
Original proposals for Hips legislation suggested the inclusion of a home condition report, although this was dropped before the scheme was rolled out, to the consternation of many personal finance commentators.
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