Hips win vote

The introduction of Home Information Packs (Hips) has survived a last-ditch postponement attempt following a vote in the House of Commons.

Hips are due to become a mandatory part of the home-selling process from June 1st but opposition MPs, as well as a number of industry figures, oppose the packs in their current form.

Shadow foreign secretary William Hague, speaking during a debate in the Commons, described Hips as a “looming fiasco” and a “mistake”.

Tory Spokesman Michael Gove said that the introduction of Hips was “folly” and warned that the housing market will suffer as a result.

“They [Hips] will do nothing to take the strain out of home-buying and only add cost and complexity to the housing market,” he said.

“Ministers have botched this process from beginning to end. They have ploughed on regardless of the potential damage that they are doing to the housing market at an acutely delicate time.”

Hips are designed to reduce the number of home-selling transactions which collapse at the last minute, rid the process of gazumping and encourage homeowners to make their properties more energy efficient.

However, those who oppose their introduction say that they offer few benefits to consumers and, with each Hip costing between £400 and £600, add to the cost of selling a home.

Despite their victory in the House of Commons, by a majority of 72, Hips still face a potentially fatal vote in the House of Lords next week, as well as a legal challenge from the Royal Institute of Chartered Surveyors.

Tags: house, mistake, cost, House of Lords, housing market, minute, Home Information Packs, opposition

Isa deadline approaching

Consumers are being warned that they must not wait too long before putting their money in an individual savings account (Isa).

The Association of Investment Companies
(AIC) is telling consumers that waiting until the last minute can lead to disappointment.

The final deadline for putting money into an Isa is April 5th but the AIC is warning that some investment companies have their own deadlines in place.

“With just under a month to go until the April 5th deadline, investors may think they have plenty of time to make their Isa purchases,” said Annabel Brodie-Smith, communications director at AIC.

“Whilst it’s easy to leave things to the last minute, investors should be aware that many investment companies have deadlines well before then, so it’s important to act now to avoid disappointment.”

Isas have proved to be extremely popular since they were launched in 1999, offering people a great way of doing their banking in an efficient way.

Customers are given tax breaks on their savings and many find the fact that removing money early is a long process with some Isas to be very beneficial when it comes to saving.

If you are considering putting your money in an Isa start choosing the best one for you now as there are no concessions to the deadline of April 5th.

Tags: April, Anime International Company, deadline, Smith, concessions, Business Finance