News

Threat to Maidenhead area's housing market as new rules make it harder to buy and sell homes

  • 8 Apr 2009

Theresa May has expressed concern for the Maidenhead area’s housing market following the introduction of complex and expensive new Home Information Pack rules.

From 6 April, extra Home Information Pack (HIP) regulations will hinder sellers from putting their homes onto the market, potentially mislead buyers and create a real danger of £200 fines from town hall officials.

  • New delays if you sell your home: The ‘first day marketing’ provision is being cancelled – which allowed sellers to market their home if a HIP had been ordered, but had not yet been completed. Sellers will now have to wait even longer before they can put up a ‘For Sale’ sign.
  • New Property Information Questionnaires: Also from 6 April, HIPs must have a so-called ‘Property Information Questionnaire’ completed by the seller. Theresa feels that the Questionnaire is useless as unscrupulous sellers can sidestep difficult questions that could reduce their house price by ticking a “don’t know” box. The buyer cannot be certain that the information is reliable about such things as past dry rot or damp, insurance claims, experience of flooding, and whether past alterations had official permission. Honest sellers will also suffer, as disputes over information in Property Information Questionnaires will end up in the courts, with buyers suing sellers.
  • Town hall fines: Town halls have been instructed to “identify specific cases of non-compliance and enforce the requirements” – and start fining homeowners £200 a time if they do not follow the new rules.
  • Theresa believes that the HIPs are already harming the housing market: Research has found that there is little public knowledge about, or interest in HIPs; that the industry thinks they are a waste of time; that they duplicate costs and that buyers are not bothering to consult HIPs.

Theresa said: “I am very concerned that these new regulations will make things even worse in a housing market that is already struggling. Home Information Packs have already damaged the market and discouraged sellers. Unfortunately these regulations will lead to more wasted time and money. I think that the Government needs to scrap Home Information Packs outright and help those who want to move up the housing ladder.”