Speeding up the sale of property in the UK market

The wrong solution to the problem?

The National Association of Estate Agents (NAEA) recently launched another, scathing attack about Home Information Packs (HIPs).

The packs were introduced during 2007 with the intention of speeding up the sale of property in the UK market, but have been attacked for industry stakeholders who claim they are an unnecessary bureaucratic burden.

The NAEA, commented that with the economic situation worsening and the property market still suffering, they are calling on the government to take urgent action on HIPs.

The calls for action have become all the more pertinent as the property market has continued to suffer. The NAEA's own figures show each agent is presently completing around six sales a month, down from 12 during August 2007.

Furthermore, studies by Halifax and Nationwide show average prices have fallen by 8.8 and 8.1 per cent respectively.

The Carsberg Review of Residential Property has called HIPs "complex" and the "wrong solution" to the problem.

Arguing reform is urgent the Royal Institution of Chartered Surveyors (RICS) commented that one of the many things the government needs to do to aid the flailing housing market is to fundamentally reform HIPs to ensure they are fit for purpose for all properties, in all market conditions.

Commenting on calls for reform the Association of Home Information Pack Providers (AHIPP), replied they were disappointed that some professionals continued to try and sabotage a reform that is already starting to improve the home buying and selling process for consumers. The AHIPP also points out properties sold with a HIP reach exchange of contracts 12 days sooner than those without.