Everything about Home Information Packs (HIPS)

New National Association of Estate Agents (NAEA) President, Charles Smailes, comments:

"There is no doubt that making information available about a property up front to a potential buyer is a good thing. The existing HIP trials, or pre-sellers surveys, are proving successful in many cases because they provide a small amount of uncomplicated information, which is easy for potential buyers to digest. This gives the buyer the confidence to make an informed offer and means the sale is less likely to fall through."

He adds, "In reality, however, HIPs will be long documents that hold around 100 pages of complex, technical information which is presently translated by solicitors during the sale process. This level of information is not required at the beginning of the transaction and to delay putting a home on the market until the HIP is put together simply does not make sense."

"Furthermore, where HIPs introduction may initially help first-time buyers, it will hinder first-time sellers. If first-time sellers are deterred from moving because of the extra cost of the HIP, there will be a shortage of first-time buyer properties and this could lead to inflated prices. The consequence of HIPs in the longer term is that they will hinder, rather than help, first time buyers."

"Despite the fact that estate agents could stand to benefit commercially from the introduction of HIPs, the majority of NAEA members are against it because they feel it simply won't work. The HIP will merely shift existing delays to the beginning of the transaction. Meanwhile, the most serious problem that of property sale transactions falling through isn't even being addressed by this massive change."