Insurance News Archive

Hips 'lost meaning'

With the introduction of home information packs (Hips) the government had an opportunity to fundamentally improve the process of buying a home – an opportunity that was missed, according to an expert in first-time-buyers.

In their current form Hips include local searches, sale statement, evidence of title and the Energy Performance Certificate, all of which are helpful, but the most helpful element, the home condition report, has been left out.

Paul Holmes, CEO of Firstrung, noted that the home condition report had been included in early proposals for Hips, though in the end it was dropped, which he said was "a huge opportunity missed" and lead the Hip to completely lose its meaning.

He added: "The Hip in its original form would have had a condition report, together with details and a survey or correct valuation. These things would have been perfect for the inexperienced first-time-buyer."

First-time-buyers on the whole are inexperienced when it comes to property and the inclusion of the condition report would have made the Hip useful to them

He said: "It would have given the first-time-buyer a degree of confidence they will now never have with the current Hips."

22 Jan 2008