First time buyers to benefit from Hips

First time buyers really will benefit from the introduction of Home Information Packs (Hips), according to experts from the Association of Home Information Pack Providers (Ahipp).

The packs, which become compulsory on June 1st, will save first-time buyers time and money according to Ahipp.

This is because, rather than making uninformed offers on properties only to find out unfavourable information and have to withdraw your offer, the system will be replaced by informed decisions from the outset.

"The introduction of the Hip will greatly benefit this vulnerable group of soon to be home owner," said Paul Broadhead, the deputy director general of Ahipp.

"As the vendor will be responsible for acquiring the Hip, duplicated costs will be eliminated, buyers will be able to make a more informed decision on the purchase from the offset and they will avoid the initial costs of commissioning searches."

Over the past decade, the average age of a first time buyer has gone from 26 to 31 and this is mainly to do with not enough houses being built and high house prices.


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