"I suspect there will be considerable opposition among home-owners when we ask for them to pay for packs. Many, I suspect, will decide they don't want to sell up after all."

Although HIPs for each property sale will have to include an EPC, local searches, evidence of title and details of leasehold, a temporary concession will allow owners to put homes on the market providing the pack has actually been commissioned.

Initially, also, EPCs can be up to 12 months old when a property goes on sale. The Department of Communities and Local Government (DCLG) will review this limit in consultations during the summer.

Some details of HIPs still remain rather hazy.

Will agents, for instance, really be able to get completely around the new rules by advertising houses with "three bedrooms and upstairs study", avoiding the need for an HIP altogether until it is extended across a wider segment of the market?

One thing is certain: very few home-owners have any idea at all about what is about to hit them, costing several hundred pounds.

Costs for a start. While official suggestions indicate a starting price of £299 for HIPs, many think £500 and rising is a likelier bet, bearing in mind fees already required by local authorities for standard searches.

When they put their homes on sale, will all homeowners be happy about letting home inspectors into their homes to start prodding about in attics where valuables might be stored?

Some observers say many domestic energy assessors will be trading themselves up the career ladder from jobs which required only limited skills. By general agreement, vetting procedures for home inspectors are likely to be less rigorous than those which have been required for other property professionals, like surveyors.

If home-owners do refuse access to energy inspectors, will estate agents actually commit a crime if they continue to market their homes?

That might be up to Trading Standards Officers (TSOs) employed by local authorities to decide. But the gossip is that some TSOs have little enthusiasm for the new system anyway, and might not be over-energetic in enforcing it.

In that case, will some agents simply gamble on marketing properties without a HIP and wait until they get fined.

Henry Pryor, founder of the property website Primemove.com, says the introduction of HIPs in August coincides with one of the quietest period of the year for the property market.

"In some areas, like Kensington and Chelsea, the four bedroom threshold could mean nearly half the properties on the market need HIPs", he says.

"As a general rule, however, this rule is coming in during a month when most people are either on holiday or - this summer - baling out their living rooms", he says.

Pryor also urges homeowners to be wary of estate agents offering free HIPs as part of the package to win instructions on a property.

One agent, Hamptons International, has already done so, complete with small print obliging owners to stay with the agent for 12 months.

"I can't believe that wouldn't be thrown out by any court in the country as an unfair contract", says Pryor.

"But owners must remember that whoever pays for a HIP is its legal owner.

"So if they accept this sort of offer, and then moved in due course to another agent, they would probably have to pay for a HIP twice over - from both the first and second agents."

Pryor also wonders if homeowners realise that once an EPC is compiled on a property, it stays on the record forever - to be read online by anybody who wishes to see it.

"The implications are considerable", he says. "Suppose an energy inspector used to mainly newer properties gives a critical assessment of an old farmhouse conversion high on style and low on energy efficiency.

"If he awards a low energy rating, it is on the records for life and can be downloaded any time. The owners can do nothing at all about it, not even by launching an appeal: this is like a car log book, there forever for everyone to see.

"In due course, this could have an impact on the price the owners are eventually able to achieve."

Says Pryor: "Although Government had hoped that HIPs would help to smooth the house selling process, it's important to check the small print if you are offered a new Pack.

"Some agents will offer free and subsidised packs, but owners paying for their own HIP retain control of the sale and which agent they can appoint. If you order and pay for your own HIP, you retain complete control of the sale and which agent to appoint."

HIPs for leasehold properties could cost considerably more - possibly more than £1,000 in some cases.

But Pryor, who has a consistent track record of adapting new technology to the property market, is launching an eBay style HIP Exchange to advise owner occupiers which pack provider can offer the cheapest HIP on their property.

"It means that sellers, estate agents, lawyers can go online to get various pack providers bidding for business." says Pryor.

"Over 200 firms are on my panel, and they will be invited to give quotes for either a full HIP or just an EPC. You're certain to get the best price on the market - though some homeowners might prefer to pay a little more for reputation and reliability of service."

What nobody will know until after August is whether a poor EPC will affect property values.

In plenty of cases, it probably won't: bidders can usually find far more romantic reasons for falling in love with a property than likely heating bills.

:: INFORMATION: DCLG invites comments/questions about the new system in emails to homeinfopacks.communities.gsi.gov.uk. Or they can write to Home Information Pack team, Eland House, Bressenden Place, London SW1E 5DU, or log on to www.homeinformationpacks.gov.uk.

Henry Pryor is founder of www.Primemove.com, the newly-formed register of Estate Agents (www.RoEA.co.uk) as well as www.HiPexchange.com, which records over 200 domestic energy assessors and HIP providers in England and Wales.

Information about LMS, one of the largest HIP providers, can be found on www.lms.co.

:: TheHipExchange.com guide: "HIP's for Dummies"

Home Information Packs become law next Wednesday but what exactly are they and what do they mean for the public?

What is a HIP?

It is a collection of documents including Deeds, Searches, leasehold information (if appropriate) and an Energy Performance Certificates that has to be ordered before a property is marketed.

Who needs one?

Anyone who starts to market a property with four or more bedrooms in England and Wales after 1st August.

Who is responsible for ordering one?

The 2004 Housing Act defines "the responsible person" as being either the estate agent or the owner if an agent is not employed. Failure to order one could result in a fine and/or a possible ban for an estate agent.

What will it cost?

At the moment a full HIP will cost anything over £299.00. Leasehold properties will cost more due to the increased information that is necessary. Figures of £1,000.00 have been quoted.

Where do I get one?

Most lawyers and estate agents will be able to recommend a Pack Provider. Some will have negotiated discounts but read the small print before accepting any subsidised or 'free' HIP.

How long do they last?

A Home Information Pack will now be valid for at least six months although some lawyers acting on behalf of a buyer may recommend that elements like searches be refreshed earlier than this.

What are they for?

The Government hopes that the introduction of Packs will help speed up the time it takes to buy and sell a home by providing more information up front. There should be less likelihood of a sale falling through after a sale has been agreed.

What are they really for?

As part of the Kyoto Protocol we signed up to we will be obliged to introduce Energy Performance Certificates for all residential property in 2009. All rental properties will require an EPC from August next year.

What will an EPC cost?

To start with, an EPC will cost about £130.00.

What is an EPC?

An Energy Performance Certificate is a fridge style rating A-G which is produced by a newly qualified Domestic Energy Assessor who will visit each property, measure things like the depth of lagging in the loft and produce a standard report.

Do I get to see the report?

Yes, it will be available to anyone who asks for it together with the Home Information Pack and can be viewed online via the LandMark website. You cannot challenge it nor can you have it withdrawn. It is therefore essential that you get a suitable Assessor who understands your type of property.

Where can I find out more?

Go to the News and Information section of the HiP Exchange at www.theHipExchange.com

:: RATE RISES BITE INTO AUCTION BIDS

If you have manageable borrowings or access to relatively cheap money, and stay calm when others begin to flap, this could be the moment to step into the property auction market.

Allsops, a leading player in both commercial and residential actions, raised the alarm when it confirmed that a recent commercial sale produced the worst result of any sale since December 2000 with a success rate of only 75%.

That followed an even tougher sale by Savills, which achieved a success rate of only 69%.

Agents are saying that keen pricing is becoming the key factor in getting properties away. As guide prices are trimmed to more realistic levels, smart buyers might be able to snap up a bargain.

Latest agent to admit tough times is Mark Tanton, principal auctioneer of Countrywide Property Auctions which confirms the sale of 83 properties from 144 lots offered in four sales in Manchester, Leeds, London and Birmingham - a success rate of 58%.

Says Tanton: "The market is cooling after recent rate rises. There are fewer people attending auctions, therefore fewer buyers, Having said that, some good prices are being achieved with the London auction being the biggest sale of the year so far."

One of the better performing sectors of the Countrywide sales was investment properties around £100,000, sometimes less, paying regular income: a split level flat in Gravesend, Kent, in the emerging Thames Gateway, guided at £105,000 achieved made £110,000, while a two bedroomed mid-terraced house in Hebden Bridge, Yorks, guided at £90,000, actually achieved £97,500.

In Abridge, Essex, a period house in 57 acres was guided at £1.5m - and sold for £2.53m.

At the Savills Commercial auction, in Claridge's Hotel on July 19, a block of ten two bedroomed flats built in 2006 in Shoeburyness, Southend on Sea which will produce total annual rent of nearly £66,000 when fully let, was guided at £1.1m. It fetched £1.25m, giving the new owner an initial annual return of just under 5%.

Agents say that while demand remains strong for high quality property in good locations, prices are weakening for property in poorer condition in secondary positions.

If another rate rise arrives in September, there could be great scope in the autumn for bidders able to carry out a swift and cost effective refurbishment, to ensure that properties are soon earning an income again.

ends