Communities Secretary Eric Pickles and Housing Minister Grant Shapps yesterday announced that, with immediate effect, the Government is suspending the requirement for homeowners to provide a Home Information Pack (HIP) when selling their homes.
Their announcement sends a clear message of encouragement to people thinking of selling their home that they can put it on the market with less cost and hassle.
Suspending HIPs will reduce the cost of selling a home, remove a layer of regulation from the process and provide a welcome help to the housing market during the recovery. It will also mean a saving for consumers to the tune of £870m over ten years, giving sellers more money in their pocket to spend in the wider economy.
Bell & Buxton Solicitors have been providing HIPs for clients since 2007, when they were first introduced. They welcome the decision to abolish them, as will many of their clients. Matthew Rodgers, Partner and Head of Property at Bell & Buxton solicitors, comments “I am pleased that the Coalition Government has announced the immediate suspension of Home Information Packs and clients are already making similar comments.
The conveyancing process has not been significantly improved by the introduction of the Home Information Pack and their abolition may serve to increase the speed in which new properties come to the market.”
Eric Pickles said: “This swift and decisive action will send a strong message to the fragile housing market and prevent uncertainty for both home sellers and buyers.”
For further information or if you are considering putting your house on the market please contact Nick Tudor (direct dial 0114 220 2176) email: n.tudor@bellbuxton.co.uk or John Green (direct dial 0114 220 2188) email: j.green@bellbuxton.co.uk in our Conveyancing Department at Bell & Buxton Solicitors 0114 2495969
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