With home information packs (Hips) set to be introduced over the coming months, consumers in the process of purchasing property could be set to save both time and money, it has been suggested.

According to the Association of Home Information Pack Providers (AHIPP), the rollout of the scheme, now set to take place on August 1st, will see buyers legally provided with records about prospective property such as reports on drainage services, planning decisions and information on how energy efficient homes are.

As a result, AHIPP claims that consumers could save thousands of pounds which would normally be spent on mortgage valuations, legal fees and other costs, this in turn could help buyers save a deposit on their first home and make secured loan repayments with greater ease.

Paul Broadhead, deputy director general of AHIPP, suggested that the move could particularly help first-time buyers, who may find themselves paying thousands of pounds on surveys and fees for a property they are looking to buy only to find it is unsuitable - money which could have been better spent making secured loan repayments.

He said: "The introduction of the Hip will greatly benefit this vulnerable group of soon-to-be homeowners."

"By bringing the information gathering to the very front of the process, Hips will significantly help to remove redundant costs, making buying a property more affordable and accessible, particularly for those who are struggling to step onto the ladder," Mr Broadhead added.

The AHIPP representative added that Hips could particularly help first-time buyers since 1997 the average age of those initially getting on the property ladder has risen from 26 to 31.

This was attributed to a lack of supply in property which in turn has increased house prices.

Meanwhile, director general of AHIPP Mike Ockenden pointed out that with moving costs accounting for some £500 million ever year, the introduction of Hips may help consumers reduce these expenses which could help their debt management.

He pointed out: "HIPs will undoubtedly have the benefit of reducing stress levels for home buyers and sellers across the UK and as a result, this could potentially translate into a huge benefit, not only for the consumer but for the wider economy."

According to the AHIPP, Ruth Kelly’s announcement that Hips will not be rolled out until August 1st may affect consumers’ ability to make secured loan repayments and pay deposits on property.

Mr Ockenden said: "Consumers will have to endure the existing, broken house buying and selling process for at least a further two months, costing them time, money and unnecessary stress."

However, Woolwich have claimed that the introduction of the scheme could actually increase costs during the property buying process.

A survey by the financial services provider suggested that although "savvy" consumers will take the time to shop around from legal costs, 85 per cent of the estate agents is surveyed to claim the pack, which will cost about £400, could actually increase moving costs - which in turn could impact upon debt management and secured loan costs.

The research indicated that any potential reduction Hips may bring to the property process could go "unnoticed" as increased stamp duty contributes an average of £9,750 to buyers’ costs.

However, those looking towards making use of the pack to help in their search for property will now have to wait a little longer than expected.

Earlier this week, communities secretary Ruth Kelly announced Hips will not be brought in until August 1st, when they will receive a staggered introduction as part of a move to help train energy efficiency assessors.

Meanwhile, James Molloy, head of AA Legal Services, claims that as "moving home is the biggest one off investment people will make" the delay of Hips is likely to increase loan costs of many buyers.

However, he warned that in the meantime consumers should look to take out full surveys on prospective property to check any potential risks to help ensure that money used from a secured loan is put towards a home they know is right for them.

For those looking to buy a home, either before or after Hips are fully introduced, taking out a competitively-priced loan to help meet moving, mortgage and other costs is well advised.

Interfinancial providing you with breaking secured loan news.