HIPs speed up your move
Hooray – Research by Fox and Sons proves that HIPs speed up your move
Statistics recently released by local estate agents Fox and Sons conclusively show that Home Information Packs (HIPs) speed up the time it takes to sell your home by an average of 12 days.
Paid for by the seller, the controversial packs were introduced in August last year and provide much of the legal information about a sale up front.
Area director Jon Barnes explained: “We analysed hundreds of sales using data we collected from our 300 branches between August 2007 and March 2008. The sample included all types of property and compared those with a HIP against similar numbers of homes who were legitimately exempt from needing one.”
Findings showed that sellers with a HIP exchanged contracts on their property by an average of twelve calendar days faster than those without a HIP.
Jon Barnes explained why he believes that HIPs speed up the home moving process: “Having the legal information required for the pack available early in the sale means that once an offer is made, the conveyancing process can begin straight away. Even if the buyer pulls out, having a HIP means the whole process doesn’t have to start again for the next buyer, saving time and money.
“We know from experience that the longer there is between an offer being accepted and contracts being exchanged, the more chance that the sale will not progress. So anything that reduces this period has to be good for both buyers and sellers, especially in the current market.”
Fox and Sons offers customers three HIP options; a free HIP if they take up Fox and Sons’ conveyancing service, a funded HIP with payment only due on completion, or a pre-paid HIP.
