Welcome to the LMS press centre
Ahead of tomorrow's Conservative Home Buying Review, Dominic Toller, Director of Marketing and New Business, LMS, comments:
1 May 2008
"The implementation of Home Information Packs (HIPs) has been troubled by bad management from the Government, and does not reflect the positive way that HIPs have already influenced the housing market.
"One major benefit to have emerged from the implementation of HIPs is the reduction in local authority search costs - a saving that is passed on directly to the consumer.
"These price reductions can be significant - for instance in Tendring, Essex, the introduction of HIPs has forced the price of a search down from £166 to £93, a reduction of £73. Following such large cuts in costs, HIPs are now available to the consumer for as little as £299.
"Other notable examples include a reduction of £62 in average fees for Cannock Chase District Council, Staffordshire, and a reduction of £65 in Kennet, Wiltshire.
"These savings have been achieved by HIP providers pressuring councils to be transparent with
their prices for home buyers and sellers. This is the first time that information like this has been
in the public domain, and it is too early to say exactly how low local authority search costs could
go. However, this example goes to show that dismissing HIPs altogether would be felt first in the
pocket of the consumer."