HIPS

HIPS stand for Home Information Packs

HIPS will come into effect on 1st June 2007. They are designed to speed up the process of selling a property.

Sellers will have to pay for a home information pack on their property in order to sell. The cost for an average home is estimated to be around £600-£700. The home information pack will include information such as land searches and basic survey information.

It remains to be see what impact HIPS will have on the housing market. It is the biggest change to hit the housing market in many years and it is expected that there will be some teething problems initially.

One aspect of HIPS that hasn't been talked about much is if the introduction of them will be a possible trigger for a house price crash. There may be a large influx of homes appearing on the market before the deadline from sellers that will want to avoid paying the extra costs. There may also be a stand off of buyers as they will want to wait until after the deadline in order to pay less on selling fees.

For more information visit the government HIPS website

Some more Information on HIPS Times Online HIPS Homepage