Home Information Pack Timeline
Initial Home Information Pack Legislation
Housing Act 2004: introduces the requirement of the Home Information Pack.
Under the provisions of the Housing Act 2004,
a Home Information Pack (HIP), sometimes called a
Seller's Pack,
will have to be provided before a property in
England and Wales can be put on the open market for sale with vacant
possession.
Home Information Pack Legislation Implementation
The introduction of HIPs has been subject to
delays and reduced requirements, but the Home Information Packs are now
mandatory.
Home Information
Packs Timeline:
- The Home Information Pack was first announced by the
government in 1997.
- Home Information Packs were announced in the Queen’s
Speech in November 2003.
- Housing Act 2004: introduces the requirement of the
Home Information Pack.
- In July 2006, the home condition report (HCR), which
provides information on the condition of a property up front to buyers, would
no longer be a compulsory part of the Home Information Packs. They are still
intended to become a mandatory part of the HIPs, but their introduction will
be on a "market-led" basis, the government said.
- The Home Information Pack was due to be
required from 1st June 2007. On 22nd May 2007, Communities Secretary Ruth Kelly,
announced that the HIP would be delayed until August 2007 and that the
implementation of the Home Information Pack was to be phased in, commencing
with larger properties.
- The Home Information Pack became mandatory for homes
with four or more bedrooms on 1st August 2007.
- The Home Information Pack was extended
to three bedroomed properties from 10th September 2007.
- The Home Information Pack was extended
to all properties from 14th December 2007.
- Temporary provisions allow properties to be put on
the market once a Home Information Pack is commissioned.
- First Day Marketing is a term used to denote the
mandatory requirement to make available all of the documents required within a
HIP on the first day a home is marketed to the public.
- Initial date for FDM was set for 31st December 2007
but was delayed until 1st June 2008 to allow a period of transition. A home
could be marketed during this time providing the Home Information Pack was
commissioned (ie. the searches, including the EPC, ordered).
- On the 8th May 2008,
Housing Minister, Caroline Flint, announced a further delay to first day
marketing until 31 December 2008.
- August 2008 Home Information Pack Anniversary: around
1million Home Information Packs have been produced.
- Ross Bowen, managing director of Connells Survey
& Valuation says; "Our research on more than 4,000 vendors who exchanged
contracts in the first quarter of 2008 revealed that, on average, those with a
Home Information Pack exchanged contracts 12 days faster than those without."
- Prices of the searches have fallen by an estimated
20%.
- Much controversey still remains over the
Home Information Pack.
