searches expire in slow market

The length of time that properties are taking to sell means that a majority of searches carried out for HIPs are out of date by the time the property is sold. The National Association of Estate Agents (NAEA) is calling on the government to help the market by taking urgent action.

Peter Bolton King, Chief Executive of the NAEA, comments: “We have long seen HIPs as not fit for purpose and as the wrong answer to simplifying the house buying process. Quite simply, the government tried to force ‘square pegs into round holes’ and the slower property market is making this situation worse.”

The NAEA suggest a reduction in the amount of information required in the pack. A simplified version could contain; a sellers’ questionnaire, an Energy Performance Certificate (EPC) also reviewed to be fit for purpose, and the Land Registry title and plan.

“In times of economic hardship, let’s stop this ridiculous repeating of information and shameful waste of consumers’ money!” added mr King.

The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), is the UK’s leading professional body for estate agency personnel.

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