21
May
Suspension of HIPs is "great news"
The suspension of home information packs (HIPs) has been described by one industry practitioner
as "great news".
According to mortgage director at Santander Phil Cliff, the move
will be welcomed by house sellers and buyers alike.
Yesterday (May 20th), the new Conservative/Liberal Democrat
coalition announced that homeowners are no longer required to
provide the packs and the suspension is intended to turn into a
permanent ban.
Housing minister Grant Shapps and communities secretary Eric
Pickles claimed the move will save sellers hundreds of
pounds.
Issuing his response, Mr Cliff said: "Consumer and industry
feedback has highlighted that HIPs were a headache for many people trying to buy and
sell their homes over the last two years."
The housing market may be stimulated by the news because some
consumers who were reluctant to put their residences up for sale
due to the paperwork involved will have less bureaucracy to deal
with, he went on to note.
