- MIAS Warns that Home Information Packs are to Slow the Housing Market

Tuesday, 22nd May 2012

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MIAS Warns that Home Information Packs are to Slow the Housing Market
Added: 02/16/2006 Type: Summary Viewed: 560 time(s) [ Not Rated Yet ]

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MIAS Warns that Home Information Packs are to Slow the Housing Market

When HIPs become law in England and Wales on 1 June 2007, house sellers will have to produce information packs for buyers, at a cost of around Ł600 plus VAT. (Office of the Deputy Prime Minister news release, 17 November 2005.) Ministers say that HIPs will cut the number of sales which fall through, thereby speeding up the home buying and selling system.

MIAS (http://www.mias-ltd.co.uk ) is concerned that the introduction of HIPs will initially slow down the current home buying system further.

Roger Milbourn, Director of MIAS Ltd said: “I believe that the implementation of HIPs will initially slow down the housing market, as in order to put a property up for sale, sellers will have more work to do and will need to find at least Ł600, in order to compile a pack. HIPs will impose extra costs and red tape in an already complex market. They could have serious repercussions on the buying and selling process – and, consequently, on house prices.”

MIAS Ltd also sounded another note of caution.

Roger Milbourn said: “Finding enough people to carry out the 1.5 million surveys currently done each year may prove extremely difficult. The Office for the Deputy Prime Minister tells us that as of November 2005, 1700 people were undergoing training for the Home Inspector qualification – but that the number of inspectors expected to be required for June 2007 is between 5000 and 7400. (Ibid.)”

MIAS Ltd hopes the Government will ensure that sufficient Home Inspectors have been trained by the time HIPs become mandatory next summer.

Commenting, Alistair Good, Managing Director of MIAS, said: “The implementation of HIPs represents a major change to the process of buying and selling property. It is vital that ministers examine the potential impact the packs will have on the market, in order to provide assurance to the industry and the public.

“We await the results of the Government’s “dry run” with HIPs later in the year with interest.”

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