Moneyfacts reports consumers not convinced by HIPs
Moneyfacts.co.uk's February poll also found 36 per cent of consumers have had a property purchase fall through on which they had a survey carried out.
Emma Butler, editor at moneyfacts.co.uk, commented: “The idea of HIPs is to speed up and simplify the house buying process. With over one third of people being gazumped or having to pull out of a property after paying for a survey, there are obviously issues with the current house buying process. However, there is much debate as to whether HIPs are the solution, with some saying it will delay people from selling their home. The fact that valuations will still have to be carried out on a property also raises concerns as to how much these packs will speed up the process.
“Consumer views on the benefits of HIPs are fairly evenly split. With the expense of HIPs, estimated at £700 to £1,000, payable by the person selling the property, it is likely that HIPs will initially appeal more to first time buyers. However, the result of this Moneyfacts survey shows that this scheme still has some way to go to win the support of the public.”