Estate agents are charging house sellers up to twice as much for Home Information Packs (HIPs) than some specialist providers, according to new research.
Consumer magazine Which? Money compared the price of HIPS provided by a range of estate agents and independent providers on a three-bedroom freehold property and a two-bedroom leasehold flat in south London .
It found that one of the most expensive HIPS is offered by Halifax Estate Agents at a price of £413 for the three-bedroom property, while independent Fridays Property Lawyers offered the cheapest one at £189.
Estate agent Spicerhaart topped the list of the most expensive providers for the two-bedroom flat, charging £516 for a HIP - nearly £300 more than Hip Save at £224.
The average cost of a HIP provided by the estate agents questioned was £368, including VAT, for the three-bedroom home and £395 for the flat, compared with an average of £254 and £283 respectively for the independent HIP providers .
James Daley, editor of Which? Money, urged homebuyers to shop around for Home Information Packs in order to get the best deal.
"Don't be fooled into thinking that you have to buy it from your estate agent . You could save hundred of pounds by shopping around," he commented.
HIPS were introduced in August 2007 in a bid to speed up the home buying and selling process by providing more of the information that potential buyers need up front.
Homeowners in England and Wales must now have a pack in place before they can put their property on the market. Those who don’t could face a fine of up to £200 a day.
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Estate Agents Charging Double For HIPs Wed, 19 Aug 2009
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