HIPs awareness lacking
It highlighted over 27 per cent of people are unaware of HIPs and a staggering 61 per cent believe that it is the buyer who has to stump up the cost, as opposed to the seller.
The results also show that more than 22 per cent of the general public wrongly believe HIP stands for Hotspot Information Provider, and 5.6 per cent for Housing Initiative Product. When asked who has to purchase the HIP, a whopping 61 per cent said it was the buyer and 7 per cent bizarrely selected holiday makers. Just 32 per cent knew that it was actually down to the seller to purchase the HIP before they can put their property on the market.
Despite the lack of knowledge among the general public, industry awareness is improving. Easier2move, an online conveyancer and exhibitor at The Property Investor and Homebuyer Show North has carried out research that shows 88 per cent of estate agents are aware of HIPs, up from 83 per cent in the previous month. Karen Babington, marketing director at easier2move comments: “It is important that estate agents are educated about HIPs as they will have a major role to play in the sale of them when they go live in 2007. It is encouraging to see this figure has improved since our index started.”
Nick Clark, managing director of The Property Investor and Homebuyer Show North commented: “The Government has announced its timeline for the introduction of HIPs, and with a year to go until they go live, full preparation within the industry is vital. In response to this, a dedicated HIPs village has been organised at this year’s Property Investor and Homebuyer Show North. Companies exhibiting within the area will be on hand to provide information, advice and HIP services to estate agents. With 27 per cent of the general public unaware of HIPs, education of both industry and the public is essential.”