The Home Information Pack (HIP) scheme it to be extended to homes with three bedrooms in England and Wales from 10 September 2007. HIPs were introduced for homes with four or more bedrooms on 1 August, after a two month delays from 1 June.
HIPs contain title deeds, local searches and an energy performance certificate (EPC). The purpose of the packs is to speed up sales, but they have come under fire for being expensive and bureaucratic. They cost upwards of £400 and can be completed in around five days.
Currently only homeowners with four bedrooms or more have to have a HIP upon marketing their property. It is estimated that homes of this size account for around 17% of the market. Expansion of the scheme to three bedroom properties is expected to mean that up to 1.25 million properties put up for sale each year in England and Wales will be included in the scheme. Scotland it to get its own version of HIPs in 2008.
The introduction of HIPs was delayed from the original date of 1 June due to a shortage of qualified home energy inspectors. Following the introduction of HIPs on 1 August there have been reports that inspectors are not getting enough work, and many of them are considering quitting. The extension to three-bedroom homes should alleviate that situation.
Communities Minister Baroness Andrews said: “We are now ready to start rolling out HIPs and EPCs to the next part of the market as promised. HIPs and EPCs can help families to save hundreds of pounds off their fuel bills, and cut a million tonnes of carbon a year. They also have the potential to reduce the millions of pounds wasted by consumers when buying and selling a home, by increasing transparency and competition in a process that hasn’t changed for a generation.”
The Energy Savings Trust says that the average consumer could reduce their fuel bills by up to £300 a year if they were to follow EPC recommendations.
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