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HIPs cost homesellers £657.6m

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by Gill Montia
”HIPs

New figures from The Conservative Party claim that around two million house sellers have so far stumped up a combined £657.6 million for Home Information Packs (HIPs).

The packs were phased in during 2007, just as the UK property market began to crumble, and their usefulness has remained in question as they do not contain the one document a buyer most wants to see: a property survey.

However, the Conservatives claim that HIPs have raised £94 million for the Treasury in the form of VAT, and are promising to get rid of the packs if and when they take office.

Only the need for an Energy Performance Certificate, currently part of the HIP, would be maintained.

Shadow housing minister, Grant Shapps, says: “By imposing a £657.6 million burden on the housing market during the longest and deepest recession in living memory, Labour’s short-sighted bureaucratic policy is milking the industry dry.”

He adds: “They should have listened to the consumers, the industry and the Conservative Party and scrapped this discredited scheme before it even began.”

As the number of homes for sale remain at record lows, HIPs can certainly be blamed for removing speculative vendors from the market.

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News posted: December 4, 2009

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