UK government scrap HIPs

The UK government has today announced plans to scrap Home Information Packs (commonly known as HIPs) which obliged sellers to provide certain information about the property before it could be sold. However, even though the idea of Home Information Packs was well-founded and respected by some in the industry there was a feeling it was nothing more than an additional cost to UK property sellers. There was even concern that much of the information in the pack would be out of date and need renewed in the event of a potential buyer stepping forward.

The UK government has been good to its word, after suggesting such a move only days ago, and estimates it will save around £870 million over the next 10 years. This is money which can be used elsewhere by the UK property owning public and should oil the wheels of the UK property market to ensure that transactions now flow more freely.

While the Home Information Packs themselves will be scrapped the energy performance certificates will be retained. This offers an at a glance look at the efficiency of any property for sale in the UK, something which more and more buyers are looking to confirm before pledging their hard-earned funds on a property purchase.