New home seller packs 'heading for disaster' » Housing » 24dash.com

The introduction of new packs aimed at slashing the number of housing sales that fall through is heading for disaster, a firm of estate agents warned today.

With just 100 days to go until Home Information Packs (HIPS) go live, Hamptons International said there is still no clarity about what is involved in the scheme and how it will be implemented.

The packs, which will become mandatory from June, will provide potential homebuyers with up-front information and an energy efficiency report.

They are aimed at bringing efficiency to the homebuying process and cutting the number of transactions which fail late in the day.

But according to opponents of the scheme, the introduction of the initiative will bring little benefit to the consumer, while at the same time adding to the cost of buying a home.

Mark Anderson, UK residential managing director at Hamptons International, said: "At the moment a vast improvement is needed. The implementation date is June 1 and no-one has any confidence in it.

"Absolutely nothing is clear. It is ridiculous that we are supposed to operate this scheme very shortly, but nobody actually knows what they are doing."

Ryan Doyle, sales manager at the estate agent's branch in Chiswick, added: "The majority of the clients and potential buyers and sellers I speak to are increasingly confused as to how it will effect the market and what it will cost to them."

But supporters of the scheme said today that while the journey had not been easy, HIPs are set to transform the house buying and selling process and reduce the high number of transactions that collapse.

Mike Ockenden, director general of AHIPP said: "HIPs are being introduced to help improve the house buying and selling process, allowing buyers to make more informed decisions and reducing the number of sales that fall through.

"At the end of the day this should greatly reduce the needless stress associated with buying and selling homes in this country."

Copyright Press Association 2007