AHIPP: HIPs offer first time buyers many benefits

Paul Broadhead, Deputy Director General, Association of Home Information Pack Providers (AHIPP), comments on the warning from RICS that Home Information Packs (HIPs) will push first time buyers out of the market:

“The latest HIP allegations from RICS appear to have disregarded the many benefits that the packs will offer first time buyers – the most vulnerable of buying groups. With more information upfront and the costs incurred in gathering and providing information such as searches transferred to the seller, first time buyers will find their first step onto the housing ladder a more affordable and more informed one.

“What RICS appear to have forgotten is that first time buyers stand to benefit the most from the introduction of HIPs. With the vendor responsible for acquiring the HIP, costs will be eliminated and buyers will be able to make a more informed decision from the offset.”

“Research amongst our own Estate Agency members suggests that whilst the supply of property on the market is lower than usual at this time of year, the actual stock on Estate Agents books is not. This would suggest a lack of buyers in the market place, and as most buyers are sellers they are unlikely to put their home on the market if they are not thinking of moving.”

“I would urge the government to listen to independent commentary from the UK’s largest Mortgage lender who last week commented on the continuing downward trend since the end of 2006, and to economists that sit on the Bank of England Monetary Policy Committee that make no mention of home information packs contributing to the current market slowdown.”