You are here: Home - Uncategorized -

HIPs ‘should be voluntary’ say building society bigwigs

Written by:

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.”

Related Posts


Tag Box

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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

Money Tips of the Week

Read previous post:
Asian stocks take a bad hammering as uncertainty takes hold in the market

Worries over high US interest rates have caused world stock markets to fall sharply, with Asia following the downward trend...