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Editorials » HIPS
Do you agree with the NAEA/Rics or Ahipp about Hips?
Have they been a help or a hindrance to the housing market? Should mortgage lenders be consulted again to see if they would all be willing to accept a single survey? Would that make Hips better value? 
In an ideal world you can see how HIPS could be a major help to the housing market, in particular, purchasers, as they give the buyer all the information upfront so they can make an informed choice (treating them fairly). However we are not living in an ideal world and the cost of a hip with a limited shelf life means that many sellers will have to redo searches, making them even more expensive! Also in our experience very few clients have actually looked at the HIP or in fact received it before an offer has been accepted which is defeating the object.
Consulting the lenders again to see if they will accept a single survey is a great idea and one of the major selling points of the HIP; however in a market where even a retyped valuation from another lender is being rejected and positive response to this consultation is unlikely.
Removing the shelf life of the hip would increase its value as it would be a set cost from outset. The Association of Home Information Pack Providers claims that HIP’s have reduce the amount of time from offer to exchange of contract by 12 days, so it looks like HIP’s are doing what they set out to. However should we not get the Government to make up their minds on stamp duty as what they are improving with HIPS, they are destroying with the rumour that they may remove stamp duty.
