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Tuesday 3rd July 2007
Nearly half of all homebuyers in the UK say that they would distrust the contents of a Home Information Pack (Hip), according to research from Saga Home Insurance.
As many as 47 per cent of property investors say that they are still opposed to the introduction of Hips, which are due to become compulsory in August for sellers who own homes with more than 3 bedrooms.
Perhaps these findings are not surprising, as three quarters of sellers confess that they would consider lying about their property to avoid being obliged to get a Hip.
Some 74 per cent of homeowners with four-bedroomed houses say they would be tempted to describe their property as a three-bedroomer with a study in order to avoid the cost of a Hip. Saga says that this could potentially knock the asking price of their house down by £121,000 even though a Hip would only set them back £400 to £700.
Commenting on the research, Andrew Goodsell, chief executive of Saga Group, said: "We have been all too aware of the trials and tribulations concerning the introduction of Hips. We are absolutely supportive of any measures aimed at simplifying and speeding up the home-buying process but it’s clear that the general public still need convincing."
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