Housing

People buying or selling shared equity properties already have to pay transaction costs, estate agents’ fees and search fees. All that we are doing is transferring the cost from the buyer to the seller in a way that introduces greater transparency and competition. That competition is already having an impact in bringing costs down. We have seen the cost of searches come down in a series of local authorities —25 local authorities have cut their costs in anticipation of HIPs because they know that, for the first time, the charges and the length of time taken will be transparent to the consumer and to HIP providers. There will be much greater pressure to provide a good service.