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Despite threatening to introduce one of the strictest regulatory environments in the U.K.'s history, Alistair Darling has this evening suggested he would go further if UK banks do not agree to...
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Sunday 3rd August 2008
News that the laws governing Home Information Packs (HIPs) are not being adhered to 12 months after they were introduced is a shocking reflection of a policy which the UK government brought in against the wishes of the industry. The idea was sound, one survey to cover one house sale, but the cost (£400) and the fact that many surveys were being ignored as finance companies were not accepting them saw costs rise yet further than they had been before.
The laws on HIPs state that a survey needs to be available prior to any offer being received but research has shown that even those which are being produced are often not available until after an offer has been agreed. There were 130,000 homes put up for sale in May but only 89,000 HIPs were commissioned – leaving a substantial shortfall.
Many are waiting to see how the government respond because by the letter of the law many Estate Agents are acting illegally. Whether they will have the nerve to push through any punishments in light of the current environment in the sector remains to be seen, but the general consensus one year after HIPs were introduced is not good. |
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