The final report of the Carsberg Review has now been published and there are two main findings:

1. Improvements need to be made to the residential property transaction process because problems have not been adequately addressed by the introduction of Home Information Packs (HIPs)
2. The current system of voluntary regulation and redress does not provide adequate protection or information for the consumer.

A long list of recommendations are included that focus largely on the need for formal regulation which would cover estate agents and letting agents, managing agents and landlords who do not use an agent.

The recommendations are also aimed at improving the provision of information for consumers and making property transactions quicker and less expensive. One finding is that HIPs have not helped and legislation should be amended to make HIPs voluntary.

Paul Cowdery, Conveyancing Partner with Clarke & Son, Basingstoke comments, “HIPs have assisted in practice to ensure that search information is available at an earlier stage but the more wide ranging problems in the present property market, such as difficulties in obtaining mortgage finance, have acted to negate any benefit.”

He adds, “The government has been committed to HIPs and the requirement for an Energy Performance Certificate will remain whatever the destiny of the HIP generally.”

If you wish to get in touch with Paul on any aspect of conveyancing, either contact him by e-mail or telephone Clarke & Son on 01256 320 555.