You are here: Home - Uncategorized -

Home Information Packs set to be demolished by MPs

0
Written by:
04/05/2007

Home Information Packs (HIPs) could be scrapped just weeks before they were due to become compulsory for home sellers on 1st June.

Ministers have had to back down after prolonged and severe criticism from housing professionals, politicians and the public, especially property-owners who faced shelling out in the region of £600-£1,000 to get their packs prepared.

Pressure has been building on the Government for some time and the Conservatives have managed to secure a vote on the issue on 16th May, two weeks before HIPs should be introduced. This is political bad timing for Labour as Gordon Brown will be running his leadership race – or sitting as the heir presumptive – at this time.

The move follows a scathing report by a House of Lords committee that levelled much criticism at the initiative and pointed out the widespread opposition to it.

“HIPs are a terrible idea, badly thought out and badly executed,” said an Essex-based estate agent. “Once the home condition part of the scheme was dropped it became effectively worthless and if the idea is introduced we are left with an administrative nightmare.”

If the motion is defeated in the Commons, the introduction of mandatory packs on 1st June would be shelved and ministers would have to come up with a substitute scheme.

 

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
As new ways to pay take over it could be cheque-out time

People in the UK still like to pay for their goods and services by cheque, despite moves by some retailers...

Close