Home Information Packs (HIP)

The Government is looking at a ‘rescue’ package for the current suffering housing market.   The government has pledged to “help people with housing” though has yet to announce the measures and is still working on the exact policy. One of the proposed measures which is being speculated upon is maybe to reduce, freeze or possibly scrap stamp duty. This possibility obviously has a massive impact on revenue to the Treasury.

The speculation in regard to stamp duty is causing the opposite effect that it would be hoped it would have, if it was to be reduced or removed. House sales are being postponed as potential buyers are stalling waiting for confirmation of ther Governments’ intentions. The Government has stated that the talk within the media regarding stamp duty is just speculation and that no proposals have been put forward.

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Finding your next house to make your home used to be the first item on many peoples list in the house buying process though this has certainly changed. It is essential one finds the level of money that you can borrow (’mortgage promise’) prior to your house search, otherwise you could be spending time and effort looking for a house which does not realistically suit your affordability. See this post ‘deciding how much you can borrow and afford’.

So you have been offered a mortgage in principal, how are you going to find the house of your dreams?

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This week has been eventful for sure in the continued life of Home Information Packs. HIPS are now 1 year old and news headlines continue to be made from the debate on Home Information Packs (HIPS). Recently, significant reports of non-compliance of the legislation have come to light and been acknowledged by leading figures involved within the industry.

Yesterday, it was widely reported by many news agencies including the BBC that some agents, I must stress only ’some’ agents; are flouting the law and are proceeding to market properties without the legally required Home information Packs.

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Over the next few weeks HIP-Consultant.co.uk will be compiling our guide to buying your next home.

There are many guides to buying a home that have been written though as we are all well aware the market is not as buoyant as it has been in recent times. Often these guides have been written in a manner which reflected a bullish housing market; some areas are now not as relevant and also there are new aspects to be considered with the high reductions in number of houses currently being sold.

Our house buying guide will include the following areas; when completed the bullet points will be updated with links to each section to formulate the ‘complete guide’.

• Deciding how much you can really afford and formulating your level of borrowing
• Finding your next home
• Deciding on a house
• Making your offer
• When your offer has been accepted
• The conveyancing and legal work of buying your property

We look forward to publishing each article and if you feel there any other areas that we should consider let us know.

Where is the UK mortgage market at present and where is this financial market heading? The reports in the press now detail many bad news stories for the housing market and that the mortgage sector is going through what must feel like to many as a dramatic re-assessment of it practices and lending procedures.

As many as 23,000 home owners whom have taken out 100% mortgages since March this year face a negative equity situation at present. However, this only totals 5% of mortgages accepted in this same period. The information from the Council of Mortgage Lenders (CML) comes as figures from within the industry support the fact that the housing market is slowing down further.

HIP-Consultant.co.uk deal with many estate agents and home sellers through providing our Home Information Packs solution. It is common place that agents are only selling about a third of the levels they have become accustomed to. It seems inevitable many estate agents will close or consolidate their positions due to the challenging conditions.

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