Government plans to roll out Home Information Packs to every home from December 14 will place further strain on the housing market, a leading Warwickshire law firm has warned.
Housing Minister Yvette Cooper announced that HIPs will cover homes of all sizes, with the aim of giving house-buyers more information during their dealings.
But a property expert at Wright Hassall in Leamington Spa believes the timing of the decision may hinder the market – and has urged those considering selling their homes to do so before the deadline.
Chris Meredith, head of residential property at Wright Hassall, said: “The timing of this is worrying because of the current state of the market.
“The culmination of high interest rates, high property prices and the continuing financial concerns over sub-prime lending has had a serious effect on the market.
“This is another expense which can only adversely affect the market in short term.
“Nearly all sellers will be faced with falling values and now the extra cost of providing a HIP. The majority of those now to be included as a result of these changes will be at the lower end of the market, where the added cost will be felt most.
“I would advise anyone expecting to sell a property of fewer than three bedrooms to consider marketing before the deadline date.
“Once the new rule applies then sellers should contact their solicitor at the earliest opportunity to instruct on the preparation of a HIP as the demand will be high until the market settles down and finds its own pace.”
Wright Hassall, which has a specialist HIPs department, can offer advice and prices for HIPs on 01926 886688.
