Home Information Packs (HIPs) were introduced by the government for 4 bed+ properties from the 1st August 2007. The scheme was then extended to cover three-bedroom homes from 10th September, with all other residential properties requiring a HIP from 14th December including properties with one, two or no bedrooms. The intended purpose of the packs is to speed up the buying and selling process as well as providing energy performance certificates for each home.
The Energy Performance Certificate (EPC) is an energy assessment and rating of a property. The EPC contains graphs similar to those found on new electrical appliances (see image below). It comprises two elements; an Energy Efficiency rating and an Environment Impact (CO2) rating. Both ratings are awarded two values; the first value is for ‘current’ ratings and the second value is for the ‘potential’ rating the property could achieve if it were to be modernised to current building/energy regulations.
Agents are currently able to market a property as soon as the HIP has been commissioned. The HIP regulations originally stated that this arrangement would end at 31st December 2007, but this was then extended to 31st May 2008.
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