A proposal to address the problem of gazumping was first made in the 1997 Labour Party manifesto.
Research after the election revealed that around 28% of sales fell before exchange of contracts, with gazumping occurring in less than 2% of sales.
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On 22 November 2007 Housing Minister Yvette Cooper announced that HIPs would be rolled out to include one and two bedroom properties as of 14 December completing the Government's phased introduction of Home Information Packs to residential homes marketed for sale within England and Wales.
First Day Marketing (FDM) is the mandatory requirement to make available all of the documents required within a HIP on the first day a home is marketed to the public.
In September the Home Condition Report Register contract was agreed.
A fully operational register was scheduled to follow as soon as possible afterwards.
The full HIP is now no longer required, only the Energy Performance Certificate.
The pack had to contain the following, and should be no more than three months old when the property is first marketed: For a transitional period sellers were able to market their homes without the searches or leasehold documents as long as the pack contained evidence that they had been commissioned and would be included as soon as practicable but certainly within 28 days.
However, on the Housing Minister, announced a further delay to first day marketing until 31 December 2008.
Since 6 April 2009, every property required a Home Information Pack before it could be marketed.
However the Government announced in December 2008 that with effect from 6 April 2009 this concession was to be withdrawn, and the HIPS pack would have to be completely available on the day that the property was first offered for sale.