HBF adds weight to growing disquiet over the introduction of Home Information Packs
The Home Builders Federation (HBF) is today calling for a “proper trial” of Home Information Packs to ensure that they deliver the consumer benefits that are intended.
Commenting on plans for compulsory Home Information packs to be introduced in June 2007, Stewart Baseley, Executive Chairman of the HBF says:
“We simply do not know what impact Home Information Packs will have on the housing market. While no-one could object to seeking improvements to benefit consumers, the cost of these packs could result in fewer homes coming on to the market. In the context of the current housing shortage, this would damage consumer interests most of all.
“I urge the Government to conduct a proper trial to road-test the packs. We need to ensure that consumers do not become the unintended losers of a scheme set up to serve their interests.”
Stewart Baseley’s comments are made on the day that a group of estate agents, chartered surveyors and solicitors - representing over 1,650 offices in England and Wales - call for the Government to drop plans to introduce Home Information Packs. The Group states that the packs will be “detrimental to the consumer; could dislocate the property market and will fail to significantly improve the home buying process.”
Last week, the Council of Mortgage Lenders published an open submission to the Government on the issue. “We conclude,” it stated, “that there will be additional transaction costs for consumers as a result of HIPs and that the industry is not confident that the process will be completed efficiently and cost-effectively.”
Notes for Editors
1) The Home Builders Federation (HBF) is the principal trade federation for private sector home builders and voice of the home building industry in England and Wales. The HBF’s 300 member firms account for over 80% of all new homes built in England and Wales in any one
year, and include companies of all sizes, ranging from multi-national, household names through regionally based businesses to small local companies. www.hbf.co.uk
2) SPLINTA is a group of estate agents, chartered surveyors and solicitors campaigning for the Government to drop plans to introduce Home Information Packs: www.splintacampaign.co.uk
3) The Council of Mortgage Lenders published two key pieces of work on Home Information Packs (HIPs) on 31 January. The first was an open submission (http://www.cml.org.uk/cml/policy/responses) to the Office of the Deputy Prime Minister (ODPM) setting out its view of the current state of implementation of HIPs, identifying outstanding issues for lenders and considering lenders' possible use of HIPs.
The second was a Housing Finance article - How disruptive will HIPs be? (http://www.cml.org.uk/cml/publications/research)exploring the possible short- and long-term market impacts of the introduction of HIPs.
For media information, please contact:
Toby Orr
0207 421 6124
07736 175311
toby.orr@portlandpr.co.uk