Hips programme moves forward

Posted: 10 Apr 2006 09:49:26 GMT

            Property News - Hips programme moves forward

Despite rumbles of discontent from certain sections of the property industry, the government has announced that its Home Information Packs (Hips) campaign is running smoothly.

Hips will be introduced to the market on June 1st 2007, along with the promise that they will add transparency to a market that has become increasingly clouded in recent years.

According to housing minister Yvette Cooper, around £1 million is wasted each day because of sales falling through, with a lack of accurate information at the early stages of a transaction to blame.

The Office of the Deputy Prime Minister (ODPM) is now accelerating its Hips activity, with a dry run already underway in which 45 organisations in England and Wales are providing around 2500 packs on a voluntary basis.

The Conservative party has claimed that Hips will in fact damage the chances of first-time buyers getting a foot on the property ladder, but it is a claim that has been rubbished by the government and other supporters of the scheme.

It is undeniable that homeownership is becoming a more problematic issue in the UK, with house prices continuing to rise steadily.

Options including private buying and selling are already available to ease the burden of the transaction, while many are hoping that Hips will similarly come to the rescue of struggling homebuyers.

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