Insurance News Archive
Cameron slammed over plans to axe Hips
Conservative leader David Cameron has been criticised after yesterday announcing plans to abolish Home Information Packs (Hips) as part of efforts to help first-time buyers.
Property firm Spicerhaart called Mr Cameron's plans "misguided", saying that Hips would benefit first time buyers in their attempts to get onto the property ladder.
It pointed out that Hips, which will make it the seller's responsibility to provide potential buyers with authority searches, environmental searches and a home condition report, will help reduce upfront costs and improve transparency in the housing market.
"Thousands of pounds could also be saved from a reduction in failed transactions as the condition of the property is exposed from the very outset," explained Spicerhaart's director of Hips, Stephen Nation.
"However most importantly, buyers will be better informed prior to putting in an offer on a property as Hips will highlight any potential problems with the property upfront."
Welsh building society Principality has predicted that failed transactions cost UK homebuyers around £350 million every day.
Mr Cameron announced his plans to help young buyers in Chiswick, London, where in addition to announcing plans to abolish Hips he ended years of Conservative opposition to the construction of new homes and pledged to change Britain's property taxation system.
© Adfero Ltd
29 Mar 2006