| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: MEDIA |
HIPs launch in doubt |
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Tue 22 May 2007
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LONDON (SHARECAST) - The Government is set to delay the introduction of controversial home information packs (HIPS) following opposition from the property industry, it was claimed today.
Communities secretary Ruth Kelly is expected to postpone the launch, which had been lined up for 1 June, for at least a number of weeks, possibly for good.
The idea is that house sellers will have to supply buyers with a pack that contains relevant information such as title deeds and local authority searches at a cost of around £500.
But, as many experts have predicted, there still remains a big shortage of qualified assessors able to supply energy performance certificates, which form part of the packs.
Estate agents and surveyors have argued that to make it illegal to put a property in the market without a pack will only make the current housing shortage worse.
Last week the Royal Institution of Chartered Surveyors called for a judicial review into the Department’s handling of the launch.
In September last year, property website Rightmove took its final step away from the Home Information Pack debacle with the disposal of its stake in TMG Holdings.
The group, which owned a 25% stake in the firm, sold the holding back to shareholders including Balanus, Connells and Halifax Estate Agencies for £3.25m before costs.
TMG provides searches from local authorities and other bodies.
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