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Hips help in slowing market

Tuesday 5th February 2008

Home information packs (Hips) are helping to speed up sales and ensure that there are fewer last-minute hitches.

That is according to the National Association of Registered Home Inspectors (Narhi), which said that the packs alert buyers to potential problems early on.

The organisation pointed out that as the housing market slows and sales take longer to complete, it is good news that problems can be exposed early and do not prevent a sale taking place after weeks of negotiations.

"By adding authorised documents such as the HCR [Home Condition Report] a number of unnecessary issues can be resolved simply. There will be no more irritating delays, frustrations, or abortive costs and the whole process will move forward more speedily to everyone's benefit," said Hugh Dunsmore-Hardy chairman of Narhi.

"Most importantly, sellers will be at an enormous advantage if they put themselves in a 'contract ready' position.

"Estate agents have a valuable opportunity to encourage clients to invest in a HCR to ensure that less sales fall by the wayside which in turn will benefit all parties in the long run. It's a win-win," he added.

Hips were first introduced to the housing market in August and became compulsory for all property sales in England and Wales in December.

© Copyright 2007

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