Home information packs (Hips) may lead to financial difficulties for many because they will damage the housing market.
[UKPRwire, Fri Dec 28 2007] That is according to North West solicitors Morecrofts, which said that the government should have waited before completing the full-scale rollout.
Tracy Thompson, conveyancing executive at the firm, described the introduction of Hips as a mistake.
"There has been a general slow down in the housing market in recent months with increased interest rates, the credit crunch', and problems with first-time buyers being able to get onto the housing ladder," she said.
"In this climate I think it is a mistake that the government has rolled out Hips for all homes," added Ms Thompson.
If the housing market slows considerably, many homeowners will find themselves in financial difficulties and may seek a quick property sale in order to get as much for their house as they can before prices fall further. Julian King of National Homebuyers says the cost of Hips will prevent some from selling. "A lack of understanding still exists with the homeowner.
"The cost of the packs can be off putting, meaning some properties fail to make it to market. The overall Hips experience has been badly thought out and badly executed".
Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm, guaranteeing to make an offer on any property in the UK, regardless of its condition or location for vendors who need a quick sale. The company also offers a Sell and Rent Back mortgage rescue scheme for homeowners who want to release equity in their homes.
As a private commercial buyer, National Homebuyers do not require the vendor to have a Hips pack in place in order to purchase.
Del.icio.us
Digg
Furl
Blinklist
Reddit