buytoilet Posted May 17, 2010 Share Posted May 17, 2010 Click Here An order to suspend HIPs has been signed, with the announcement of a suspension due this week as Parliament convenes. According to well-placed sources, the order was signed on Friday morning. The HIP industry is anxiously awaiting developments, and could mount a legal challenge to the suspension. Quote Link to comment Share on other sites More sharing options...
SarahBell Posted May 17, 2010 Share Posted May 17, 2010 If hips were free would people think they were a good idea? If they were available easily for every property would they be a good idea? I think they've been used badly by EA and that the piq and hip have a place in selling houses. I am aware that outside of the HIP industry I'm probably the only one though. Quote Link to comment Share on other sites More sharing options...
1929crash Posted May 17, 2010 Share Posted May 17, 2010 Click Here An order to suspend HIPs has been signed, with the announcement of a suspension due this week as Parliament convenes. According to well-placed sources, the order was signed on Friday morning. The HIP industry is anxiously awaiting developments, and could mount a legal challenge to the suspension. Good riddance too. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted May 17, 2010 Share Posted May 17, 2010 Does this mean that all of these people will be out of jobs? All that money training for this job will have been a great investment. Quote Link to comment Share on other sites More sharing options...
buytoilet Posted May 17, 2010 Author Share Posted May 17, 2010 Does this mean that all of these people will be out of jobs? All that money training for this job will have been a great investment. We may even get more property coming to market, now that sellers don't have to fork out for a HIP. More supply equals............. Quote Link to comment Share on other sites More sharing options...
piece of paper Posted May 17, 2010 Share Posted May 17, 2010 Does this mean that all of these people will be out of jobs? All that money training for this job will have been a great investment. You disappoint me. I expected the "Hipless Recovery". p-o-p Quote Link to comment Share on other sites More sharing options...
Tired of Waiting Posted May 17, 2010 Share Posted May 17, 2010 Click Here An order to suspend HIPs has been signed, with the announcement of a suspension due this week as Parliament convenes. According to well-placed sources, the order was signed on Friday morning. The HIP industry is anxiously awaiting developments, and could mount a legal challenge to the suspension. I remember a forum member saying a while ago that HIPs are a "barrier to entry" for property sellers. Meaning, if it is removed it will be easier for people to put their properties for sale, and should increase supply. What do you guys think? Would this make much of a difference really? Quote Link to comment Share on other sites More sharing options...
Stop The Ride Posted May 17, 2010 Share Posted May 17, 2010 <Wishful thinking mode> Perhaps they have done this to now to make it easier for all those 2nd homes and BTLs to get on the market quickly and avoid CGT increases. Gets the inevitable HPC out of the way at the beginning of the government and can blame it on the last lot. <Reality check> Am too pessimistic to really believe this. Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted May 17, 2010 Share Posted May 17, 2010 I remember a forum member saying a while ago that HIPs are a "barrier to entry" for property sellers. Meaning, if it is removed it will be easier for people to put their properties for sale, and should increase supply. What do you guys think? Would this make much of a difference really? It was a money making scheme/tax anyway, in that such things expired after a certain period so you had to keep getting new ones, it's a bit like those CSCS cards for builders where nobody ever fails as long as their cheques clear, nothing more than a tax. Quote Link to comment Share on other sites More sharing options...
pablopatito Posted May 17, 2010 Share Posted May 17, 2010 I remember a forum member saying a while ago that HIPs are a "barrier to entry" for property sellers. Meaning, if it is removed it will be easier for people to put their properties for sale, and should increase supply. What do you guys think? Would this make much of a difference really? Serious sellers aren't put off by HIPs, so I don't see it as a barrier to entry. What you will get with its abolition is an increase in time-wasters and toe-dippers as unmotivated sellers 'test the market'. So I would expect asking prices to rise, but don't expect sale prices to fall. Sadly. Quote Link to comment Share on other sites More sharing options...
robo1968 Posted May 17, 2010 Share Posted May 17, 2010 I remember a forum member saying a while ago that HIPs are a "barrier to entry" for property sellers. Meaning, if it is removed it will be easier for people to put their properties for sale, and should increase supply. What do you guys think? Would this make much of a difference really? I don't think it is going to make much of a difference but it is positive and it won't harm supply that's for sure I am pleased they are suspended. Quote Link to comment Share on other sites More sharing options...
bogbrush Posted May 17, 2010 Share Posted May 17, 2010 Click Here An order to suspend HIPs has been signed, with the announcement of a suspension due this week as Parliament convenes. According to well-placed sources, the order was signed on Friday morning. The HIP industry is anxiously awaiting developments, and could mount a legal challenge to the suspension. Couldn't care less about the effect on prices, I'm just glad they have gone. It's not the States business to instruct how two parties should reach an agreement. Quote Link to comment Share on other sites More sharing options...
Laura Posted May 17, 2010 Share Posted May 17, 2010 Odd how when the economic situation is now off the cliff edge that the 'saviour' govt. deals with trivia first Quote Link to comment Share on other sites More sharing options...
tomandlu Posted May 17, 2010 Share Posted May 17, 2010 If hips were free would people think they were a good idea? If they were available easily for every property would they be a good idea? I think they've been used badly by EA and that the piq and hip have a place in selling houses. I am aware that outside of the HIP industry I'm probably the only one though. I never really saw what was/is wrong with them. Fairly cheap in comparison to the price of the house and, as noted, deters time-wasters... Quote Link to comment Share on other sites More sharing options...
R K Posted May 17, 2010 Share Posted May 17, 2010 You disappoint me. I expected the "Hipless Recovery". p-o-p Is a suspended hip like a fallen arch? Quote Link to comment Share on other sites More sharing options...
bogbrush Posted May 17, 2010 Share Posted May 17, 2010 Odd how when the economic situation is now off the cliff edge that the 'saviour' govt. deals with trivia first I don't know if you've noticed, but they're looking at some other stuff too. Doing this doesn't prevent that. They are going to move CGT on 2nd homes to Income Tax rate. Making economic forecasting independent. Outlining £6bn savings next week, emergency budget in June. I'd have thought this forum would be having a mass orgasm over the first point. Quote Link to comment Share on other sites More sharing options...
abharrisson Posted May 17, 2010 Share Posted May 17, 2010 If hips were free would people think they were a good idea? If they were available easily for every property would they be a good idea? I think they've been used badly by EA and that the piq and hip have a place in selling houses. I am aware that outside of the HIP industry I'm probably the only one though. I can't see how they ever would be free.. they take to prepare, are no use to agents in selling houses or any use to the public in buying them... someone has to fund the time costs.... in my view they were useless the moment the objective of actually getting all the surveys/due diligence out of the way upfront went by the way side. Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted May 17, 2010 Share Posted May 17, 2010 If hips were free would people think they were a good idea? If they were available easily for every property would they be a good idea? I think they've been used badly by EA and that the piq and hip have a place in selling houses. I am aware that outside of the HIP industry I'm probably the only one though. IN THEORY, the idea of an information pack that speeds the whole process of house buying - basically doing all the relevant searches and surveys up front - is a great idea. In practice, it was mutated into just another layer of bureaucracy, presumably because a useful HIP would be very dangerous for solicitors. Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted May 17, 2010 Share Posted May 17, 2010 We may even get more property coming to market, now that sellers don't have to fork out for a HIP. More supply equals............. Removing HIP will discourage buyers as there is added uncertainty and increase cost of a survey. Reduced demand equals............. Quote Link to comment Share on other sites More sharing options...
The Ayatollah Buggeri Posted May 17, 2010 Share Posted May 17, 2010 Odd how when the economic situation is now off the cliff edge that the 'saviour' govt. deals with trivia first In this case, probably because it is one of their few election pledges that can be put into effect without the need for for primary legislation. Quote Link to comment Share on other sites More sharing options...
deflation Posted May 17, 2010 Share Posted May 17, 2010 In this case, probably because it is one of their few election pledges that can be put into effect without the need for for primary legislation. It is against the law to advertise your house for sale without a HIP which is why I suspect that there needs to be an order to suspend that law. There will need to be legislation to amend it to 'EPC only' with the rest optional, or they will supercede it, we'll see. Personally, I thought HIPs were a good idea, but they've been given such a bad press, buyers don't ask to look at them. Buyers' solicitors often don't accept the searches prepared by the buyer, which was always going to be the problem. After the survey was removed as an obligation, they were a dead duck really. As mentioned on here, the HIP contains a copy of the land registry entry showing borders of the land with the last sold price. Quote Link to comment Share on other sites More sharing options...
kzb Posted May 17, 2010 Share Posted May 17, 2010 Interesting that with everything else that needs doing, one of the apparent priorites is suspending HIPS. This can only be to "boost the housing market", and it shows what a priority this is to the government whoever is in office. The capital gains tax increase, that seems to work in the opposite direction, but let us see if it actually happens, and even if it does, how easy it is to avoid. Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted May 17, 2010 Share Posted May 17, 2010 Looks like more supply coming into the system. Quote Link to comment Share on other sites More sharing options...
The Ayatollah Buggeri Posted May 17, 2010 Share Posted May 17, 2010 It is against the law to advertise your house for sale without a HIP which is why I suspect that there needs to be an order to suspend that law. But not an act of Parliament, hence the reason it can be done now (though as you say, legislation will be needed to clean the situation up). Personally, I thought HIPs were a good idea, but they've been given such a bad press, buyers don't ask to look at them. Buyers' solicitors often don't accept the searches prepared by the buyer, which was always going to be the problem. After the survey was removed as an obligation, they were a dead duck really. Not only that, but I heard stories of the surveys in HIPs being deliberately written up in order to at least, shall we say, downplay defects and maintenance issues, with the result that the buyer's mortgage lender would insist on getting their own survey done anyway. This does mean that many HIP inspectors/report writers will soon be getting their P45s, though. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted May 17, 2010 Share Posted May 17, 2010 You disappoint me. I expected the "Hipless Recovery". p-o-p I'm afraid I missed that one. Quote Link to comment Share on other sites More sharing options...
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