Survey shows estate agents not ready for HIPs

Posted: 04 Apr 2007 11:52:36 GMT

A new survey has indicated that more than two-thirds of estate agents are not ready for the introduction of the government's new Home Information Packs (Hips).

A new survey has indicated that more than two-thirds of estate agents are not ready for the introduction of the government's new Home Information Packs (Hips).

Innovative Group Services compiled a survey of over 300 estate agents between January and March this year, in which it found that 67 per cent were insufficiently prepared for the Hips, which become compulsory on June 1st, Mortgage Solutions reports.

David Collett, the chairman of Innovative's parent company FE4, said: "We are finding a number of different levels of risk in the lack of preparations made by estate agents, from those who are aware of how they will deal with the practicalities of collating their Hip and simply have not thought through how they will fund the cashflow issues that will arise."

He added that some had made no preparations at all, the report continues.

While some estate agents are failing to prepare, the effect of the introduction of Hips will be felt even before June 1st, according to the Lancashire Evening Telegraph.

The paper reports that estate agents in the county expect house prices will fall as homeowners rush to get their homes sold before the June deadline in order to avoid having to pay £450 for Hips.



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