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New research reveals the majority of Home Information Pack consumers are satisfied with the delivery of their HIP, with further findings demonstrating the ease with which they were completed and support for the provision of up front information in the home buying process.
The Ipsos MORI survey, commissioned by the Association of Home Information Pack Providers (AHIPP), reveals the following:
Six out of seven of those surveyed (85%) say that the need to obtain a HIP did not influence their decision about whether or not to sell their home.
60% said the information provided by the seller in the Property Information Questionnaire (PIQ) is useful to buyers, with nearly three quarters (73%) saying it took less than 20 minutes to complete and 75% finding it easy to complete
A majority (57%) agree that home buyers should be provided with more upfront information about the condition of the property that they are buying.
Only a minority (30%) disagreed that providing home buyers with more information about a property before making an offer would improve the buying and selling process.
Around four out of five (82%) agree that the process of buying and selling properties takes too long.
This last finding is further supported by existing research. For example, research by Connells has already shown that HIPs reduce transaction times by up to 12 days. Exchange-ready packs have reduced times even further.
Mike Ockenden, Director General, AHIPP comments:
“Since HIPs were first launched property industry professionals and politicians have been busy debating their impact. At AHIPP we thought it was about time we looked into what consumers think, as it is the British consumer that the packs were designed to benefit. What we’ve found is yet more evidence that the packs are well received by the general public, as well as being widely supported by the property industry. For example research from Connells out last month looked at of 3,000 transactions and found an average reduction of 7 days when Exchange Ready Packs (ERPs) were used in the process. The research results indicate that upfront information is key and HIPs are obviously an effective way to deliver this benefit to consumers. We all know how stressful buying and selling property can be but the packs really do help you through, as these findings indicate.