HIPs

Not all doom and gloom for HIPs

4 May, 2007

The high instances of transaction failure combined with the uncertainty felt by both buyers and sellers within the offer-exchange period, have been cited as the main causes of such deep-set anxiety for homebuyers – something which the introduction of HIPs is hoping to stamp out.

Director general of the AHIPP, Mike Ockenden said: “Several studies have shown that the stress of moving home ranks only behind ill health, relationship breakdown and bereavement yet, incredibly we have simply learnt to accept this in the UK - unlike in most European and Western countries, where this is far from the norm.”

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Recent research has shown that at-work productivity is adversely affected by the home buying process after over 40 per cent of people reported that they saw a difference in their professional behaviour due to elevated stress levels.

Ockenden continues: “Even a very conservative analysis reveals that if a 10 per cent loss of productivity is experienced by 40 per cent of all people involved in the house buying and selling process, the cost to the economy is over £500 million a year. HIPs will significantly reduce the time taken to exchange of contracts - by bringing more information, which can often prove timely to collate, to the front of the process.

“HIPs will undoubtedly have the benefit of reducing stress levels for home buyers and sellers across the UK and as a result, this could potentially translate into a huge benefit, not only for the consumer but for the wider economy.”

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