Hips may be universal by October

The Association of Home Information Pack Providers (Ahipp) is calling on the government to extend the introduction of Home Information Packs (Hips).

Officials at the organisation say that Hips could be applied to homes with three bedrooms or more from September and the rest of the market could follow just one month later.

The government was forced to announce that Hips would only be introduced to the home-selling process for properties with four bedrooms or more from August 1st after concerns about there being too few accredited energy assessors available.

However, Ahipp says that there are plenty of accredited energy assessors available now and even more on their way.

“According to our own research, in addition to the 1,340 accredited assessors, there are a further 1,200 assessors who have applied for accreditation and will be fully accredited by the end of July,” said Paul Broadhead, deputy director general at Ahipp.

“With this in mind, government will easily meet the 2,000 target that it suggests is needed to provide Hips for homes with three bedrooms or more.

“As a result, I see no reason why, in line with its implementation plan, government could not introduce mandatory Hips for three bedroom properties from September, with the rest of the housing stock soon to follow, perhaps as soon as October,” he added.

Mr Broadhead went on to say that he fully expected Hips to be mandatory in the home-selling process for all properties before the end of the year.

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House price growth slows

UK house prices have risen at their lowest rate this year, with Home Information Packs (Hips) and interest rates being named as the reasons.

May house prices increased by an average of just 0.4 per cent, with some regions actually seeing prices fall.

The east Midlands, west Midlands, north, and north-west of England all saw the average price come down but areas such as London and East Anglia saw strong rises.

The figures come from estate agent Rightmove and the firm says that with the introduction of Hips now just days away, it is almost impossible to predict what will happen to the market.

“It’s all rather confusing at the moment,” said Miles Shipside from the firm. “The future direction of the market is very hard to read with two external influences likely to coincide at once.

“You have the potential of Hips artificially increasing the supply of property and, within the same month, a six-year high in interest rates potentially depressing the number of buyers.”

If prices continue to level out it will be good news for those seeking to get a mortgage, particularly first-time buyers who are struggling to get onto the property ladder.

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Hips will wipe out sellers’ savings

People selling their home in the UK are currently making savings because the market is so competitive but all of that is about to change.

According to mortgage provider the Woolwich, sellers are managing to save money by striking deals with agents who are keen to see the property on the market.

This is despite the fact that property prices have risen by 11.1 per cent in the past year.

“The market definitely favours sellers at the moment and the lack of property on the market is helping them negotiate deals with estate agents and, to a lesser degree solicitors, as agents are desperately trying to find enough good quality property to satisfy the increasing demand,” said Andy Gray, head of mortgages at the Woolwich.

“As a result the cost of moving for sellers has decreased by approximately ten per cent since last year ¬¬- it now costs on average £4,666 to sell a home compared to £5,181 last year.”

Although sellers are currently saving on the costs of moving, experts are predicting that this will change when it becomes compulsory for home sellers to provide home information packs (Hips).

The new rules come into effect on June 1st 2007, with Hips set to cost a seller in the region of £500.

Although the cost of Hips is clear, the Woolwich claims that 77 per cent of estate agents do not believe they will improve the house-buying process.

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