Home Information Packs suspended
Requirement for the Home Information Pack for property sales was suspended with effect from 21 May 2010 by the incoming government. An exception is that the Energy Performance Certificate is still required. The Localism Act 2011 will formally repeal the Home Information Pack legislation on 15 January 2012.
HIPs have been suspended
Breaking news this morning has confirmed that HIPs have been suspended in England and Wales, with the Energy Performance Certificate (EPC) remaining.
The coalition government has put this amendment into force with immediate effect, although they have also clarified that a client will have the right to order a HIP if they feel it will benefit in the marketing of the property.
The EPC element will need to be commissioned as soon as possible but will not need to be available in order for marketing of the property to actually begin.
The onus will remain on the estate agent to ensure that the EPC has been ordered prior to marketing and has made ‘reasonable efforts’ to ensure that it is available within 28 days of the property coming to market. Non-compliance will once again carry fixed duty penalties.
Property is better than gold – it’s official!
In the latest monthly survey carried out by the Worldwide Property Group 88 per cent of respondents named property as the best option for investment.
Gold was second, with all other investment options, including shares, barely receiving a mention at all.
Turning attention to whether now is a good time to buy property in the UK, a staggering 92 per cent said ‘yes’.
Once again, these figures are the highest since the survey began.