AHIPP believes the greatly improved rate of reliance on HIP searches is one of the main reasons for the reduction in sale fall-throughs, which are down from 28% in 2006 to only 9% today according to research conducted by myhomemove in February 2010.
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 homes.”
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