PARLIAMENTARY EARLY DAY MOTION
INTRODUCTION OF HOME INFORMATION PACKS (24 May 2006)

leave out from `House' to end and insert `welcomes the introduction of home information packs, which will alleviate the high level of transaction failure in the UK property market; recognises that HIPs already exist on a voluntary basis, and through providing accurate information at the start of the house buying process are reducing the wasted cost and high levels of stress characteristic of moving house in the UK; notes Which?'s strong support for the policy in light of their survey which found that 82 per cent. of consumers would welcome HIPs; recognises that HIPs will ensure that information is only paid for once, by the seller, rather than many times by multiple prospective buyers; notes that first time buyers will be key beneficiaries as the costs of the HIP will be met by the seller; recognises that the only new cost the HIP will bring to the process will be the Home Condition Report, which provides the buyer with essential information and reduces costs for lenders in determining valuations; welcomes the benefit to the environment of the new energy performance certificate in the Home Condition Report; welcomes the property industry's preparations for HIPs by developing with the Office of Fair Trading an industry code of conduct, compliance and consumer redress schemes, along with provisions for insurance and investment in training to create a new profession of home inspectors; recognises the impetus provided by the home condition report to encourage improvements in housing stock; and commends HIPs for delivering benefits to consumers.'.

Sponsored by:
Dr Phyllis Starkey (Labour)