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8TH AUG 2008
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 Watch out for dodgy HIPs! Docklands-based property expert warns of hidden costs of new Home Information Packs.
As concerns grow over the imminent introduction of the government’s new Home Information Pack (HIP), a Docklands-based online property expert has warned potential sellers against the hidden costs of procuring a pack.
As of June 1, anyone marketing a property in England and Wales will be required to obtain a HIP, including title deeds, local searches and an energy performance certificate.
The new scheme is designed to increase efficiency within the property market, but has attracted considerable controversy.
Idrish Dudhwala, of Forest Gate, is founder and Managing Director of idproperties.co.uk Ltd., an online property agency based at the Knowledge Dock HotHatch.
Idrish said: “The introduction of the Home Information Pack is arguably the single biggest change in British property regulations for over fifty years.
 “In many ways, HIPs are a positive development that will improve the process for both buyers and sellers; the former will benefit from more accurate and extensive information about the property, the latter by avoiding nasty late surprises and unexpected delays. The packs will also aid environmental efforts by encouraging energy efficiency.
“The real problem lies in the lack of a fixed price. Confusion surrounding the packs may enable estate agents to take financial advantage of sellers, with many agents offering the HIP for free, hiding additional costs and profit in higher rate commissions.
“At idproperties.co.uk, we are committed to offering sellers a very affordable, contract-free service. Because we are an online property agency, our costs are much lower than traditional estate agents, and we can afford to charge less than 1% commission. Our Home Information Pack prices start at less than £500.”
Idproperties.co.uk is one of a group of innovative new companies leading a surge in online property sales. Over 80% of house buyers now browse on the internet. To find out more about the Home Information Pack or to market or search for property online, visit www.idproperties.co.uk
Idproperties.co.uk is based in the HotHatch Business Generator at University of East London’s Knowledge Dock Business Centre. The company is one of a wide range of businesses benefiting from the support, training and facilities available through Knowledge Dock, University of East London’s enterprise development and support service. For further information, visit www.knowledgedock.com.
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