When introducing Home Information Packs (HIPS) the Office of the Deputy Prime Minister, under John Prescott’s control stated that the aim was to “ensure the home buying and selling process becomes more certain, transparent and consumer friendly, whilst reducing stress and the number of failed transactions.
Fine sounding words but figures released last week prove what a waste of time they really are. Six out of ten buyers have not even seen the packs and a third do not realise that they even had a HIP. In addition, figures also revealed that the packs had failed to help a single buyer in the East Midlands.
From the outset, those that knew the industry best argued HIPs were a waste of time and money. Indeed, the Royal Institution for Chartered Surveyors, the National Association of Estate Agents, the Council of Mortgage Lenders and even the Government’s own Better Regulation Commission were all critical of HIPs yet this Government forced the packs through.
What a waste of time and money from a Government which is completely out of touch.
But hey – what’s new!