Island MP, Andrew Turner, is calling for Home Information Packs (HIPs) to be suspended.
He believes that in light of the economic downturn and the mounting evidence that HIPS have added to a reduction in the number of house sales, that they should be scrapped.
Apparently there is a clause in the legislation which would allow the Government the power to suspend any or all of the HIPs rules and Andrew Turner believes that time has come.
He said:
“All the dithering and uncertainty about whether stamp duty will be suspended has hit the housing market hard and is adding to the economic downturn.
People are waiting for something to happen before they complete on house purchases and HIPs ‘go stale’ after six months, and the information in them needs to be updated. In the current ‘credit crunch’ buyers are more concerned about obtaining finance for their purchase than obscure red tape.
An incoming Conservative government would scrap the HIP legislation completely and lift the stamp duty threshold for first-time buyers to £250,000. That would give an immediate kick-start to the housing market and help local first-time buyers to get a foot on the housing ladder.
However, we need action now and the Prime Minister has the power to give us a ‘HIP holiday’ even while Parliament is not sitting, I hope he will also put out a firm statement about their intentions on stamp duty without delay as the situation is getting worse by the day”.
