HIPs ‘should be voluntary’ say building society bigwigs
Around 80% of building society chiefs reckon the Government’s Home Information Packs (HIPs) will have a negative impact on the housing market when they are made a compulsory part of the home selling process in June 2007.
The thinking is that making HIPs voluntary would allow market forcers to determine the demand for them and how they will operate. It would also allow buyers and sellers to fully acquaint themselves with the system and to assess accurately implications for selling property.
Adrian Coles, director general of the Building Societies Association (BSA), said: “People’s homes represent their most important asset. As such, it is imperative that they can have confidence that there will not be any unexpected fluctuations in the market over 2007.
“With so much uncertainty amongst consumers and the industry over how HIPs will work, it seems wrong that it will be an offence to seek to sell a house without a HIP. Making them voluntary will lessen any negative impact on the market.”