Hips rolled out to all properties
Every property sold in England and Wales will require a Home Information Pack (Hip) from today.
New regulations to extend the controversial scheme to one and two-bedroom properties were introduced at midnight, bringing an end to the three-stage introduction process.
Hips are supposed to improve the sale of homes by cutting purchasers’ costs and by giving buyers an energy rating for the property.
Critics say the packs, which cost the seller between £350 and £550 are a big extra cost on lower value homes. Sellers have been rushing to beat the deadline, with the number of smaller properties on the market rising 39%.
The Royal Institution of Chartered Surveyors (RICs) said spreading Hips to smaller properties would drive even more first-time buyers from the market.
“Our research shows they knock speculative sellers from the market,” said a RICs spokesman.
“Twenty per cent of people put their homes on the market with no initial intention of selling, but then half of them change their minds when they get a good offer.
“Hips will put an end to that and shrink the market,” he argued.
Properties with four or more bedrooms have needed a HIP since August, while those with three bedrooms were covered by the law a month later.