COMMUNITIES AND LOCAL
GOVERNMENT News Release (100) issued by The Government News Network
on 8 May 2008
The Government
today announced a package of measures to help ensure consumers are
seeing the vital information in Home Information Packs and are
receiving a higher standard of service in the home buying and
selling process.
The new measures include: developing a new set of standards with
industry on what consumers should expect from property
professionals in the home buying and selling process; further
building on the quality of information in the packs; working with
industry to ensure that consumers are fully seeing and benefiting
from the HIP, including the EPC, early in the process; extending
until the end of the year the provisions enabling consumers to
market their home as long as they have ordered and committed to
pay for a HIP, and the provision requiring the lease to be
included in the HIP for leasehold properties.
The latest figures on HIPs show that consumers are already
benefiting from the introduction of Home Information Packs. More
than 700,000 homes now have energy ratings as a result of HIPs,
helping home owners to save money on their fuel bills and cut
carbon emissions. Greater competition in the property searches
market is also leading to reductions in costs with some local
authorities reducing their search fees by up to £120.
Housing Minister Caroline Flint said:
"Home Information
Packs are already bringing benefits to consumers. Property search
costs are falling and new information on energy efficiency can
help cut carbon emissions and enable prospective purchasers to get
a better idea of the likely costs of energy bills.
"But we want to do more to improve the HIP and the home
buying and selling process for consumers. Developing a new set of
standards for industry is an important next step in further
ensuring all consumers get the highest quality of service when
buying or selling a home. We also want to ensure all consumers are
seeing the vital information in a HIP early in the process so they
can fully benefit."
"Alongside the development of a new industry code, we will
continue to work with the industry to promote higher and
consistent standards of practice on the delivery of HIPs."
Today's announcement includes:
* Work to develop a new set of standards for industry involving
leading bodies such as the RICS, NAEA, and the Law Society. This
aims to bring together best practice within the industry into a
single set of standards that all consumers can expect from
property professionals in the home buying and selling process,
including redress arrangements, the provision of Home Information
Packs and delivery of local searches.
* Work with the industry
to ensure that agents and HIP providers understand and act on the
requirement to prepare the HIP as soon as the EPC is produced, so
that it is available to potential buyers early in the
process.
* Develop in partnership with the property
professionals, the means for capturing consumer friendly
information for inclusion within the HIP, such as property
fixtures and fittings, access and boundries. This will draw on the
lessons learnt from our Area Trials.
Notes to Editors
1. Homeowners are required to provide a Home Information Pack
when marketing their homes for sale throughout England and Wales.
This will help reduce the millions wasted every week because of
failed transactions.
2. The pack must include evidence of title, terms of sale and
standard searches. An energy efficiency rating must also be
included in the report, giving consumers the choice to assess the
likely running costs of a property before they buy.
3. The provision for first day marketing allows a property to be
marketed without a HIP as long as the required documents have been
commissioned and paid for (or arrangements for payment made) and
there is an expectation they will arrive within 28 days.
News Releases: http://www.communities.gov.uk/newsroom