Hips 'beneficial to first-time buyers'

Posted: 17 Sep 2008 09:49:02 GMT

            Property News - Hips 'beneficial to first-time buyers'

It would be to the detriment of first-time buyers if Home Information Packs (Hips) were suspended, it has been claimed.

According to FirstRungNow, an advisory firm dedicated to helping first-time buyers, calls from the Conservatives for a suspension of Hips would leave new buyers with very little information about the property they are planning to buy.

Helen Adams, managing editor of the service, explained that the packs are extremely worthwhile to first-time buyers, but that it is hard to judge how effective they have been for the rest of the housing market because Hips were only introduced a year ago.

"From a first-time buyer perspective it would be a shame to remove them because the more information you have on a place that you are going to buy the better and, of course, it would be of no cost to them," she said.

"It's difficult to judge the Hip. I don't think it's been going long enough to judge and there haven't been enough turnovers in property to judge whether it has been a success or not. It really needs testing in a market that is moving."

Hips were introduced from August 1st 2007, on a phased basis, initially for properties with four or more bedrooms. Since December 14th 2007, they have applied to every home put on the market.

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