HIP shelf life plan mooted

With continued debate surrounding HIPs and their implementation in the housing market, Frank Field MP urged the government to consider making HIP regulation last for five years.

David Hollingworth, mortgage specialist at London & Country, admitted that market changes could negate the need for HIPs in the future.

He explained: “As electronic conveyancing evolves and electronic signatures and so on are introduced, this should reduce the timescale of the buying and selling process. A lot of people will think that HIPs solve a problem that may mot be there in the future.”

However, despite the continued industry and governmental debate as to the future of HIPs, Mike Ockenden, director-general of the Association of Home Information Pack Providers, urged the market to prepare for their imminent introduction.

He said: “In one month HIPs are going to happen. Buyers and sellers can look forward to a less stressful process and we can expect to see a considerable reduction in the carbon emissions from our homes – an issue which has to be paramount at this time of dramatic climate change.”