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Teesside estate agent assures HIPs not a hindrance

A Teesside estate agent is confident the housing market across the Tees Valley will not be affected by the new rules regarding Home Information Packs (HIPs).

From December 14 Hips will be required for all properties being sold in England and Wales. Since September, all properties with three or more bedrooms needed one of the packs, which were introduced in August.

Dave Bassett, managing director of Homes and Finance in Yarm, says that so far, HIPs haven’t made people more wary about buying or selling a property.

HIPs were initially introduced in an attempt to protect the vendor from people pulling out of a sale and to help the buyer by providing them with free up-to-date information about the property they are buying.

The packs cost about £300 and include standard land searches, a sale statement including information on whether the property is freehold or leasehold and an energy performance certificate (EPC).

Dave Bassett said: “So far the HIPs haven’t caused us, as estate agents, or our customers any great problems and I can’t foresee any difficulties arising when the law changes later this month. “Originally it was thought that the cost might put people off moving house and hence slow the market- especially for first time buyers. Of course the cost of buying and selling has increased a little and this is a burden for first-timers. However payments for HIPs can be deferred until the sale is complete so the cost doesn’t end up being of major concern in the long run.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .