HIPs - Making search information better

The Association of Home Information Pack Providers has responded to calls from the National Association of Estate Agents (NAEA) and Royal Institution of Chartered Surveyors (RICS) to remove search information from Home Information Packs (HIPs).

As a result of the introduction of HIPs, the cost of searches provided by local authorities has reduced by an average of £30, and the cost of personal searches has virtually halved. The information in searches does not change over a 12 month period in 98% of cases, and insurance, routinely used before HIPs were introduced, is available for around £15.

Mike Ockenden, Director General of AHIPP said ‘It is not necessary for purchase conveyancers to re-order searches, but even if they do, the cost savings from the inclusion of searches in HIPs far outweigh any additional cost. In other words, the inclusion of searches in HIPs save consumers money.

Research by Connells, the second largest estate agent shows that properties sold with a HIP reach exchange of contracts 12 days sooner than those without. This is a result of having search information available earlier in the process, enabling the conveyancer to get on with his job as soon as he is instructed.

Mike Ockenden concluded ‘This is yet another attempt to play the "current market conditions" card to derail HIPs. The inclusion of search information in HIPs allows potential buyers to be much better informed before they make an offer thus reducing the chance of transaction failure. HIPs as a product are not yet complete, but the issues in the process of buying and selling homes call for more information earlier and not less. It is disappointing that some professionals continue to try and sabotage a reform that is already starting to improve the home buying and selling process for consumers.'