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HIPS DELAY IS GOOD NEWS FOR CITY LIVING - May 2007
The delay to the introduction of controversial Home Information Packs (HIPs) has been welcomed as good news for Birmingham city centre’s property market.
The packs were due to become compulsory for all home sales in England and Wales from 1 June but Communities Secretary, Ruth Kelly, has told MPs the packs will be phased in from 1 August instead.
Additionally, they will only be brought in for the sale of homes with four bedrooms or more.
Philip Jackson, from specialist city centre estate agents Maguire Jackson, said the delay and changes to the packs would help keep the property market in central Birmingham buoyant.
“This is really good news. Vendors had expressed concern about the time and cost implications of providing these packs – anything up to £600,” he said.
“When vendors become jittery, the stability of the market suffers and the worst case scenario would be a reduction in the supply of properties for sale.
“However, because these packs will only be required for four-bedroom properties and larger, it means that 99% of properties in the city centre will remain unaffected.”
The Communities Secretary also said that Energy Performance Certificates (EPCs) would be left out of the packs “for the time being” – something also welcomed by Philip Jackson.
“The majority of apartments in Birmingham city centre have been built in the last ten years. That means they comply with recent building regulation requirements in terms of energy efficiency anyway.
“To ask vendors to provide a certificate which duplicates the information already available would be entirely pointless and only add to the red-tape involved in the process of buying and selling properties in this country,” he added.
Maguire Jackson, Leading Letting & Estate Agents in Birmingham City Centre: flats & apartments to rent Birmingham, property to rent Birmingham. Property, flats, apartments, for sale in Birmingham. Commercial property, offices to rent and for sale, Birmingham.
