Its been revealed over the last few days that the HIPs abolition order is signed and ready
An order to suspend HIPs has been signed, with the announcement of a suspension due this week as Parliament convenes.
UPDATE: With HIPS abolished, it has boosted the housing market according to the Guardian this week – June 2010
HIPs soon to be abolished
Some are saying, whether HIPs goes or stays, the indecision isn’t helpful for anyone. According to well-placed sources, its not going to be a long wait as it’s believed the order was signed on Friday morning.
The HIP industry is anxiously awaiting developments, and could mount a legal challenge to the suspension.
For the majority this will prove to be a sensible decision. But it will certainly be a blow for those who rely on HIPs as a way of making a living. Therefore reports are claiming the HIP Reform Group have called on its members to lobby MPs and the housing minister.
This has led some to think of the next step, the EPC pushed to the back of the transaction. It’s believed that only this would in effect remove the damaging legacy of HIPs.
Any delays will increase frustration, nevertheless, I suspect within a few days we will know the plans and timetable and as always, the industry will adapt accordingly.
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I think the abolishment of HIP’s will spark a new wave of sellers, HIP’s are just one of those things that are a slight barrier or pest sellers have during the first steps of when contemplating selling their home, removing HIP’s makes the path to sale easier.
Why they had to introduce this ridiculous idea I will never know. Another load of red tape bureacracy and way to get money. Thank goodness it was scrapped! It didn’t take very long and agree with Chris, the buying process in this country is long and convaluted enough, why make it any harder?!