HIPS To Be Rolled Out for All Properties

[hausdok]

Mandatory home information packs (HIPS) were supposed to debut on all homes in England and Wales in June. However, based on claims from those in the lending and real estate industry that the process would cause a shortage of available homes on the market, the British government had only required them on homes with four or more bedrooms.

The British government has reviewed the market sales since June and has been unable to find any evidence that the process is impacting the market. Therefore, the government intends to require inspections on all homes for sale, regardless of size, from December 14th.

Not surprisingly, the Royal Institute of Chartered Surveyors (RICS) - a surveyor is sort of like a cross between a professional engineer and a home inspector - which prior to June had a manopoly on home surveys (inspections) in Great Britain, is now claiming that the process will cause the price of homes to increase so much that first time home buyers will be caught between a rock and a hard place as home prices go off the scale.

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