Owners flood the market in panic to beat Home Information Packs
By BECKY BARROW - More by this author » Last updated at 00:51am on 15th May 2007
HIPs could do real damage to the housing market, critics have warned
Most popular stories
Homeowners gripped by "panic" are rushing to sell their homes before Home Information Packs are introduced.
The Royal Institution of Chartered Surveyors said yesterday that there has been a surge in the number of homeowners desperate to beat the June 1 deadline.
Those who put their property on the market before the deadline do not need one of the much-criticised packs, which will cost anything between £300 and £1,000. After this date they could face prosecution if they fail to supply one to buyers.
Yesterday, in a desperate attempt to block the plans, the institution launched a judicial review.
The Government says the packs will speed up the housebuying process and end gazumping, but critics believe they will slow down housebuying and increase red tape.
The packs must include a host of details about the sale including title deeds, planning searches, whether the property is leasehold or freehold and whether it is being sold with vacant possession.
The most controversial part, however, is the Energy Performance Certificate. It will give a fridge-style green rating to the property, but there are fears that there will not be enough qualified "domestic energy assessors" to produce the certificates.
The number of homes coming up for sale has risen for the first time since November, according to the institution's monthly survey. In London, the research shows the first rise for two years.
In a report by the institution on the impact of the packs, Mark Hunter, from the estate agents Grice & Hunter, said: "Panic is starting to spread among sellers as they realise the full implications of the ill-conceived HIPs." He fears that the market is "at serious risk of major destabilisation" if the introduction is not delayed. (AtW's comment: with price inflation as it is being ridiculous the things can only become better)
Edward Waterson, from the chartered surveyors Cater Jonas, warned: "We expect mayhem on 1 June."
There are fears of a "feast and famine" as the recent stampede of sellers dries up after June 1.
Tomorrow, the Tories will mount a last-ditch attempt in the Commons to have the packs scheme thrown out.
This is the first time in its 139-year history that the institution, which has a Royal Charter to act in the public interest, has sought a judicial review.
It will prompt a High Court battle between institution and the Government, which lawyers have requested must take place as a matter of urgency.
If successful, it could force the Government into an embarrassing U-turn in which it would have to scrap, or radically change, the packs scheme.
Director Steven Gould said: "It is a shame that it has come to this, but the Government has left us with no choice.
"We do not believe that the way that they are implementing HIPs is in the public interest."
However, a spokesman for the Department for Communities and Local Government said: "This challenge is groundless, and we will proceed as planned with the packs being introduced on June 1.
"It is a shocking example of a vested interest wanting to water down important environmental information."
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It cracks me up seeing house owners who own houses on average worth £200k, with price going up like £2k per month or more, and then having them complain about things like cost of this pack estimated to be £300-500, or even £1000: the packs make sense - do it once rather than do it for everyone who wishes to sell, I presume whoever buys house will inherit the pack, so resale will be easy: this would sure cut transactional costs of selling house and lawyers/agents are not happy, but who the **** cares if those parasites are happy or not apart from them?
By BECKY BARROW - More by this author » Last updated at 00:51am on 15th May 2007
HIPs could do real damage to the housing market, critics have warned
Most popular stories
Homeowners gripped by "panic" are rushing to sell their homes before Home Information Packs are introduced.
The Royal Institution of Chartered Surveyors said yesterday that there has been a surge in the number of homeowners desperate to beat the June 1 deadline.
Those who put their property on the market before the deadline do not need one of the much-criticised packs, which will cost anything between £300 and £1,000. After this date they could face prosecution if they fail to supply one to buyers.
Yesterday, in a desperate attempt to block the plans, the institution launched a judicial review.
The Government says the packs will speed up the housebuying process and end gazumping, but critics believe they will slow down housebuying and increase red tape.
The packs must include a host of details about the sale including title deeds, planning searches, whether the property is leasehold or freehold and whether it is being sold with vacant possession.
The most controversial part, however, is the Energy Performance Certificate. It will give a fridge-style green rating to the property, but there are fears that there will not be enough qualified "domestic energy assessors" to produce the certificates.
The number of homes coming up for sale has risen for the first time since November, according to the institution's monthly survey. In London, the research shows the first rise for two years.
In a report by the institution on the impact of the packs, Mark Hunter, from the estate agents Grice & Hunter, said: "Panic is starting to spread among sellers as they realise the full implications of the ill-conceived HIPs." He fears that the market is "at serious risk of major destabilisation" if the introduction is not delayed. (AtW's comment: with price inflation as it is being ridiculous the things can only become better)
Edward Waterson, from the chartered surveyors Cater Jonas, warned: "We expect mayhem on 1 June."
There are fears of a "feast and famine" as the recent stampede of sellers dries up after June 1.
Tomorrow, the Tories will mount a last-ditch attempt in the Commons to have the packs scheme thrown out.
This is the first time in its 139-year history that the institution, which has a Royal Charter to act in the public interest, has sought a judicial review.
It will prompt a High Court battle between institution and the Government, which lawyers have requested must take place as a matter of urgency.
If successful, it could force the Government into an embarrassing U-turn in which it would have to scrap, or radically change, the packs scheme.
Director Steven Gould said: "It is a shame that it has come to this, but the Government has left us with no choice.
"We do not believe that the way that they are implementing HIPs is in the public interest."
However, a spokesman for the Department for Communities and Local Government said: "This challenge is groundless, and we will proceed as planned with the packs being introduced on June 1.
"It is a shocking example of a vested interest wanting to water down important environmental information."
------------
It cracks me up seeing house owners who own houses on average worth £200k, with price going up like £2k per month or more, and then having them complain about things like cost of this pack estimated to be £300-500, or even £1000: the packs make sense - do it once rather than do it for everyone who wishes to sell, I presume whoever buys house will inherit the pack, so resale will be easy: this would sure cut transactional costs of selling house and lawyers/agents are not happy, but who the **** cares if those parasites are happy or not apart from them?
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