Wednesday, May 02, 2007
HIPS to be repealed at the last minute?
Firstrung: NAEA urges Government to repeal HIPS
The latest report of session by the House of Lords Merits of Statutory Instruments Committee on home information packs (HIPs) has called into question 'whether the HIP Regulations will effectively achieve their policy objective'... Peter Bolton King, Chief Executive at the National Association of Estate Agents (NAEA), comments: "We have been asking the same question for some time now. There are a number of fundamental flaws with the legislation which have led us to believe that it will not improve the home buying and selling process in the way the Government suggests, and that in fact it will have a serious and negative affect on the UK housing market.
Posted by converted lurker @ 01:09 PM (331 views) Add Comment
4 Comments
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1. paul said...
Oh dear - this is funny:
"The Government has continually refused to take the advice of stakeholders on these matters."
Well you know, what with burglars being stakeholders in the crime business, the government continues to ignore their advice too.
2. confused76 said...
My feeling is that HIPs (whether or not implemented) will not have any impact on house prices and market. It is basic economics, the cost of HIPs will be have to be forked by the sellers (since the supply curve is very inelastic while the demand is much more elastic). An increase of transaction costs has no impact on sales volumes for the same reason... supply is damn inelastic...
So... HIPs impact on market is a red herring, just to get the estate agent association and various property cheerleaders in the press
3. Mr Plumbase said...
The often quoted price for one of these packs seems to be around the £400 mark, probably less money than the amount the average property apparently increases in value per month.
Or could it be they might be legaly liable for any porkies they invariably tell?
4. talking rot said...
HIPS, like most of New Liebour's initiatives, have been poorly executed. They have been watered down because New Liebour are terrified of a fall in the value of property. Such a fall means (a) no feel good factor, (b) the economy takes a massive hit because the consumer isn't spending, and (c) Gordon Brown's tax receipts fall and income tax will have to rise.
HIPS are now pointless - would you trust a report compiled by the seller anyway?