New HIPs law will slow down house sales

New government legislation on Home Information Packs (HIPs) will cause home sellers ’significant delays’ in getting their property to market, The Nottingham warned this week.

The East Midlands-based building society warned that the new legal status of HIPs will make home-selling a ‘major logistical exercise’.

From 6 April, all home sellers will be required to have a completed HIP available before they advertise their property to prospective buyers.

Previously, sellers were allowed to market their property immediately as long as they had commissioned and paid for a HIP.

Graham Lang, The Nottingham’s operations manager, said: “Planning is now critical to selling a home - and sellers will now have to start thinking quite seriously about why they’re selling a house, and when the best time to achieve this outcome would be.

“The reality is that from 6 April, home-selling is now going to become a major logistical exercise for everyone involved in the process.

“The new legislation will undoubtedly lead to delays.

“Therefore, going forward, sellers must prepare themselves for some frustrations.”

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