33% Of HIPs ‘Unsatisfactory’
According to research by Birmingham City Councils Trading Standards up to 33% of UK estate agents are supplying property owners with insufficient property information in their Home Information Packs.
Comparing the lay out of these HIPs to the property regulations described in the Property Codes Compliance Board, the vast majority failed to meet the necessary property standards required, instead leaving property investors with very little information to work with…
And this failure to produce quality HIPs is being viewed as a complete outrage considering the fact that most property owners have to pay between £200-£400 for a HIP before they can sell their home.
Originally devised to help quicken the property investing process; without stricter rules to monitor estate agents, HIPs are proving to be a complete waste of time in the eyes of many property advisors.
Continuing in their review, the main problems to be highlighted by the Birmingham Trading Standards were:
- The absence of information on complaint/redress procedures
- No consumer information or company contact details
- Technical issues with property searches
Related posts:
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- Greater Regulations For Letting Agents
- How To Make Money From The Property Market
- Property Directives Need To Be Revised
- Ombudsman Launches 4 Property Guides
Tags: property advisors, property information, property investing, property investors, property owners
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