Hips 'will benefit first-time buyers'

Posted: 22 May 2007 11:08:49 GMT

The introduction of Home Information Packs (Hips) in June is likely to significantly benefit first-time buyers, the Association of Home Information Pack Providers (AHIPP) has claimed.

The introduction of Home Information Packs (Hips) in June is likely to significantly benefit first-time buyers, the Association of Home Information Pack Providers (AHIPP) has claimed.

The industry body claims the packs, will save first-time buyers significant sums of money by reducing costs associated with mortgage valuations, legal fees and structural surveys.

Supplying and paying for Hips will be the responsibility of the seller rather than the buyer, making the process of house buying much easier and cheaper, AHIPP claims.

Paul Broadhead, the deputy director general of AHIPP said that it was important to support first-time buyers as much as possible, as their activity underpinned the long-term health of the property market.

"The introduction of the Hip will greatly benefit this vulnerable group of soon-to-be home owners," he said.

"As the vendor will be responsible for acquiring the Hip, duplicated costs will be eliminated, buyers will be able to make a more informed decision on the purchase from the offset and they will avoid the initial costs of commissioning searches."

"By bringing the information gathering to the very front of the process, Hips will significantly help to remove redundant costs, making buying a property more affordable and accessible, particularly for those who are struggling to step onto the ladder."

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