|
 |
Previous story(News Browser) Next story
The redrafted HIPs regulations state that properties put on the market before 1 June 2007 will have a 5 month period of grace where they do not need to have a HIP. However if the property has not sold by 31 October and the owner wishes to continue marketing it, they will be legally required to put a HIP together.
Peter Bolton King, Chief Executive at the National Association of Estate Agents comments: “You could question whether this piece of legislation is really necessary as the housing market will probably self regulate anyway. For example, buyers who wish to purchase a property from June next year will view some properties that have HIPs and others that do not. Buyers are likely to want to compare HIPs for every property they consider. This demand may mean that sellers are forced to pay for HIPs whether or not they are legally required to.”
The regulations confirm that home-owners will have to wait up to 14 days to market their property while a HIP is put together. Vendors will be acting illegally if they market their property without a HIP.
Independent research into consumer opinion on HIPs was released by the NAEA in March of this year. The survey found that only 13 per cent of respondents felt that 14 days was an acceptable time to wait to market their home. Almost half of those surveyed (47.9 per cent) felt they should be able to market their home immediately.
The NAEA has found that buyers and sellers are both apprehensive about this delay. Almost 60 per cent of respondents believe the wait will cause them to miss out on prospective buyers, while 42 per cent are concerned that it will prevent them from buying the property they want.
|
|
