The Government has announced today that, from tomorrow night, the need to commission a Home Information Pack before your house goes on the market will be suspended. The order has to go before Parliament before the suspension can become permanent. This will save about £1 billion over a 10 year period. Vendors will still need to order and Energy Performance Certificate the day they choose to put their house on the market.
Trevor Ambrahamson of Glentree Estates, who handles top end houses in the prime post codes of north London, describes this as an 'halleluiah moment and a triumph of common sense over "old labour labyrinthine bureaucracy'.
'To my certain knowledge I know of no client who read a HIP report', he adds.
Marc Goldberg, Head of Sales at Hamptons International expects a surge of properties to come to the market. 'We expect the suspension of HIPs to result in a 12 per cent surge* in the number of speculative vendors returning to the market, encouraged by the fact that there are no longer any upfront costs associated with testing the water.'
Dawn Carritt of Jackson-Stops & Staff adds: 'It will also enable buyer and sellers to make quick decisions where unexpected opportunities arise.
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