Is it me or does it feel like we've been here before? Yesterday and within a couple of weeks of the starter's gun, the Government decided to delay the mandatory implementation of Home Infomation Packs by two months and that they would be rolled out in a more controled fashion than had previously been planned.
Following the publishing of the original Whitehall plans to reform the house sale process in order to speed things up and reduce the numbers of house sales that fall through, Home Information Packs have been the subject of huge criticism from the industry. The plans have been watered down considerably already by removing the legal requirement for them to contain a home condition report and yesterday's announcement, though not entirely a surprise, drew yet more criticism as the fledgling reforms looked evermore vulnerable.
Companies have either set up new departments or have been incorporated entirely with HIPs as their sole purpose for being and their investment is now looking considerably shaky as many analysts are beginning to think that a complete U-turn is on the cards.
Problems with the availability of local government resources with regards to searches and surveys have been cited as the root cause of yesterday's decision as it became increasingly apparent that the 1st June deadline could not be met as there are just too few surveyors available to meet the demand of householders who have their homes on the market.
For more information, hints, tips and money-saving idas, visit FeelGoodLoans.co.uk
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Showing posts with label HIPS. Show all posts
Showing posts with label HIPS. Show all posts
Wednesday, 23 May 2007
Wednesday, 2 May 2007
HIPS Implementation Criticised in Lords
On June 1st this year, Home Information Packs will become mandatory as part of the house sale process, but the new legislation has been widely criticised by the housing industry and now in the Lords, from a report by Reuters (London).
HIPS are designed to shift part of the burden of provision of proof of suitability of a residential property from the buyer to the seller, containing information and reports including energy efficiency and optional home condition reports. The government believe that the introduction of the new legislation will both dramatically reduce the number of house sales that fall through and all of the costs associated with them currently borne by the buyer in the chain and at the same time, stimulate innovation in the market generally.
With widespread condemnation of the scheme from industry professionals and commentators alike, it remains to be seen whether they will be warmly accepted by the public who will ultimately be the ones to decide their fate. Many experts believe that their introduction may significantly slow the housing market and in turn, put the wider economy into reverse. Equally, many estate agents, conveyancors and solicitors who depend on the housing market to provide their income may find themselves in severe difficulties if the slowdown actually takes place. We will watch with interest!
For more information about all aspects of finance, hints, tips and money saving ideas, visit FeelGoodLoans.co.uk
Great golfing quotes...
"You can make a lot of money in this game. Just ask my ex -wives. Both of them are so rich that neither of their husbands work." -- Lee Trevino
HIPS are designed to shift part of the burden of provision of proof of suitability of a residential property from the buyer to the seller, containing information and reports including energy efficiency and optional home condition reports. The government believe that the introduction of the new legislation will both dramatically reduce the number of house sales that fall through and all of the costs associated with them currently borne by the buyer in the chain and at the same time, stimulate innovation in the market generally.
With widespread condemnation of the scheme from industry professionals and commentators alike, it remains to be seen whether they will be warmly accepted by the public who will ultimately be the ones to decide their fate. Many experts believe that their introduction may significantly slow the housing market and in turn, put the wider economy into reverse. Equally, many estate agents, conveyancors and solicitors who depend on the housing market to provide their income may find themselves in severe difficulties if the slowdown actually takes place. We will watch with interest!
For more information about all aspects of finance, hints, tips and money saving ideas, visit FeelGoodLoans.co.uk
Great golfing quotes...
"You can make a lot of money in this game. Just ask my ex -wives. Both of them are so rich that neither of their husbands work." -- Lee Trevino
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