PCCB Statement on Suspension of HIPs
In the light of today's Government statement, the PCCB has suspended its compliance activities in respect of the HIP Code with immediate effect. It will also review its role in relation to both the Search Code and any subsequent developments in the market following the demise of compulsory HIPs.
The Board regrets that no evidence has been produced by the Government to support its claim that HIPs have damaged the housing market, and fears that the impact of HIP suspension will be to impose new costs on all home buyers, particularly first time buyers. It has written to the Housing Minister seeking clarification of the Government's intentions in respect of home buying and selling reform, and its role in securing a more stable housing market.
The Board takes the view that buyers should be entitled to as much information as they need at an early stage and before deciding whether to make an offer on a property. Prospective home owners need clarity not just on the purchase price and mortgage payments, but also on the ongoing maintenance costs and the measures required to improve the energy performance of the property before they commit themselves. The Board argues for a new policy of sustainable home ownership which not only reduces the risk of repossession in times of economic or personal difficulty but which contributes to stability in the housing market and preservation of the country's housing stock for future generations. It will work with Government and others to make that a reality.
20 May 2010
<< Back to latest news
© 2011 Property Codes Compliance Board