Hips to help FTBs

The introduction of Home information packs (Hips) should benefit first time buyers (FTBs).

That is according to Hip provider Hiphiphooray.com, which says that young buyers will see their upfront costs reduced.

It comes as the industry prepares for a full rollout of the packs, which will see Hips become a mandatory part of the home-selling process for all properties in England and Wales from December 14th.

"First time buyers usually have high quite a high conveyancing bill when they're purchasing a property. What the Hip should do is supply them with much of the information that they have had to have collected on their behalf and charged them for," said Lesley Sorridimi from Hiphiphooray.

"A local authority search can, depending on your area, be anything from £60 to £300 and that alone is worth getting the Hip for.

"It's giving them information they would have had to have had upfront, and it's paid for already by the vendor," she continued.

Hips were originally introduced for properties with for or more bedrooms in August before being expanded to three-bed homes in September.

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