Yes, that's right; yet again year 2009 has rewarded us with more down sales and loss of businesses. Home information packs also known as HIP's have recently laid upon a negative impact on property marketing sales!
Ever since government made it compulsory for home owners to have home information packs in place before they can begin marketing their home. It is a legal requirement to have a HIP and you can't market your property without one. The HIP lets buyers see important information on the property at the start of the process, free of charge.
Of course due to current economy crisis, property owners are rather reluctant about spending money on the home information packs. The packs cost between £299 and £350 to compile and it is thought that this cost is deterring people from putting their home on the market.
With so many businesses closing down, employees getting laid off, home-owners losing their homes, people are becoming more and more money conscious even for a penny!
The property market is losing its business as the high cost of the pack is dissuading people from putting their property on sale.
It is feared that if the property selling graph keeps falling, it may continue to do so.Property Estate agents believe that if the government puts a hold on home information packs till the economy stands back on its feet, the number of people selling their properties would double up.
HIP's are controversial and according to national association of estate agents it is of no use and are ineffectual. That is bad enough, and professional agents believe that these packs are actively harming the market.
The Negative Impact of Home Information Packs!