New HIPs Law to Help Private Sellers

The government is changing the law pertaining to Home Information Packs (HIPs): from the 16th of April 2009, HIPs will need to be available from the first day a property is advertised, and will need to contain an additional document; a Property Information Questionnaire (PIQ).

The P.I.Q. is a questionnaire completed by the seller, which according to the government statement will: "provide a summary of key information about your property in one place".

The changes to the law will make it easier for people selling property privately, according to private property sales specialists The Little House Company. Spokesperson for the company Sonia Marr said:

"The new questionnaire will provide reassurance to people buying from private sellers, while the HIP having to be ready from the first day of advertising will ensure private sellers are prepared for the immediate interest selling a property privately through our website generates."

The new questionnaire is thought to have been specifically targeted at first time buyers; the government statement said: "This compulsory one-stop checklist gives buyers information they need to know before making any decision. First-time buyers, with little experience of buying a home, will find this particularly helpful."

Sonia Jibed that the PIQ may have been aimed at helping first time buyers, but the HIP having to be there from day one "is probably because of the massive growth in the number of people selling property privately, and how quickly properties are selling through our website."

"We recorded a thirty percent year-on-year increase in people using our services last month," Sonia added.

Home Information Packs becoming mandatory likely increased the number of people selling their property privately as much as the credit crunch has, "but having a go at selling your property privately, doesn't necessarily mean cutting the agent out altogether," said Marr.

"Sellers simply add a clause to their estate agents contract confirming that no agency commission is due on a private sale. This means the agent only gets paid commission if they are responsible for the sale. Doing this gives the seller the best of both worlds; they get to advertise their property privately and use an agent," she explained.

Notes to editors:

About The Little House Company Service

Sellers pay a one off fee of £89 to advertise a property until it is sold (or removed by the seller). The seller's direct contact details are published with their advert and potential buyers contact them directly, which completely cuts out any middlemen.

To find out more contact: Liam Bailey