The number of solicitors accepting the property searches included in the HIP has according to recent research by OneSearch Direct, a leading provider of conveyancing search information, increased to over 75%, representing huge savings in time and money for home buyers..
Three out of four home buyers now no longer have to wait for their solicitors to obtain additional property searches with the benefit of making home moving faster and less stresful. This represents a substantial improvement on the findings of similar research conducted in Spring 2009 when the figure was two out of every three homebuyers benefitted from the searches within the HIP .
Consumers also continue to benefit from a 31% drop in the cost of local searches since the introduction of HIPs. OneSearch Direct found that the cost has reduced from an average of over £134 before HIPs were implemented to less than £92 today.
Michael Tolland, Commercial Director of OneSearch Direct, said: “The figures don’t lie. While some would suggest otherwise, HIPs have incontrovertibly benefitted consumers in many ways, speeding transactions up, reducing the number that fail and, crucially, saving them money.”
Mike Ockenden, Director General of AHIPP, added: “There are those that continue to propound myths about the effects of HIPs saying they have increased the cost of buying and selling. These figures demonstrate the beneficial effect that HIPs are having on reducing cost and improving certainty in the stressful process of buying and selling home'
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