News

Firsthips Review - June 2009 - For Agents

Agents' Review Welcome to the June 2009 issue of the Firsthips Review which includes news, advice and articles from the HIP industry front-line. We welcome comments and suggestions for additional content.

Housing sale stock continues to reduce

According to recent statistics the average stock of unsold property on surveyors' books has plummeted just over a third since last year.

According to the latest housing market survey from the Royal Institution of Surveyors, housing sales stock slumped from 69.4% per surveyor to 58.4% in May. New buyer enquiries have increased for the seventh consecutive month and at the fastest pace since 1999, which has led to the number of completed sales per surveyor having increased from 10.6 to 11.8. This amounts to 11.4% a month - the largest monthly increase since April 2001. Consequently, the average number of unsold properties on surveyors' books has declined to its lowest since May 2004, at 58.4.

On a regional basis, London and the South East enjoyed the highest levels of new buyer enquiries, with Scotland close behind.

AHIPP to commission MORI survey

The Association of Home Information Pack Providers is to commission a MORI survey to gauge consumer sentiment about HIPs. The survey will poll the clients of HIP providers who agree to participate.

Meanwhile, Shadow Housing Minister Grant Shapps announced an Early Day Motion reiterating his intention to scrap HIPs if the Conservative Party is voted into power at the next general election, scheduled for next April.

Shapps claims to be on the verge of publishing new research that reveals the widespread flouting of HIP Regulations by agents across the country.

Quality Covered with Firsthips Searches

The introduction of new regulations in April now prevents insurance being used to cover gaps or missing information in a search. This means that local authorities and search companies must now supply a 'complete search' in order for it to be acceptable in a HIP.

All personal searches provided by STL Group, Firsthips' search partner, are fully compliant with the regulations as well as the HIP and Search Code quality standards. In addition to providing 'complete' information, every search is covered by a comprehensive information accuracy indemnity. This protects the seller, buyer and the mortgage lender who rely on the information contained within the search.

In the unlikely event that an error is made in the search or incorrect information has been provided by the local authority, the indemnity is intended to reimburse any financial loss incurred up to Ł2 million. Key facts are attached to each search, with full details of the indemnity (which also includes mandatory 'run off' cover for any claims that may arise after a firm ceases to trade) available from STL Group.

STL Group plc was established in 1974 and is the largest independent property search company in England and Wales.

Council search delays continue

As a result of new access procedures at the different Local Authorities, building control and other search data is not always available for inspection at the time of the search. Some councils will only provide this information by post, often several days after the search has been carried out. This is delaying the return of Personal and Official Searches and is having an impact across the industry. Search companies are working with the Government, Trade Associations and directly with the Local Authorities to resolve this situation as a matter of urgency.

One authority that is particularly badly affected is Shropshire Unitary Authority. From the beginning of April they were only taking bookings for Personal Search appointments 6 - 7 weeks in advance, with Official Searches taking considerably longer. Whilst the situation is slowly improving, their turnaround results reflect this delay.

Land Registry sales volumes drop

Land Registry statistics reveal that sales volumes dropped 58% to 31,315 per month between November and February.

This is less than half of the 75,374 transactions per month seen 12 months earlier, according to the Land Registry's House Price Index for April.

Getting the most from HIPs

Did You Know?

Sellers can complete a PIQ online
Sellers and buyers can track the HIP and can also communicate with all parties via the message centre
Sellers lawyers can make the draft contract available to the buyer's lawyer through the Firsthips system
You can track when buyers have viewed the HIP

Why They Choose Us!

"The system online is easy and straight forward"
"Despite dreading the introduction of HIPS I was surprised how easy it was to organise instructing a HIP"
"Firsthips have made everything so uncomplicated with a speedy, cost effective service and a very easy to use website that even a technophobe like me can use!"
"With the use of the online training and tracking facility we have found the system both user friendly and professional"
"We have used Firsthips for the production of all our Home Information Packs and have found the system to be user friendly, efficient and the level of support offered to us has been excellent"

View testimonials

Floorplans and Photos

Don't forget that we can offer you RICS approved floorplans and professional photographs!

Any Feedback?

If you have any feedback regarding this newsletter, the firsthips system, HIPs in general or any stories you think are relevant and would like us to publish in the next newsletter, then please contact us.

Help and Advice?

We regularly update our FAQ section with useful and relevant information for our clients. Recent entries include some of the latest government clarifications regarding market concerns such as:

What constitutes marketing, and do 'informal or one-off viewings' trigger the HIP duties?
What constitutes requesting or ordering a HIP?
Do EPC graphs need to be included in the estate agents particulars?

Go to firsthips FAQ

Success stories

97% of EPCs ready within 3 days
Some EPCs produced in less than 48 hours!
HIPs assembled in less than 3 days
Lawyer gains new conveyancing business using Firsthips

Key Features

HIPs at competitive prices
No investment or long term commitment
Seller pays by debit/credit card or deferred payment up to 9 months
Take instructions with a one page simple form
Prospective buyers can securely view and print the HIP online
Estate agent can track viewings
Keep control over the complete process
The most flexible system. Fully automated or use your own suppliers for selected elements
EPC competitively priced from a nationwide panel or use your own DEA
Searches from a nationwide established group or use your own supplier
Communicate with all parties through the secure message centre
Document management enables you to have draft contract and any other documents you require per case