A year after they were launched, home information packs (Hips) have been declared a success, Finance Daily claims.Research by the Association of Home Information Pack Providers (AHIPP) states the initiative has provided benefits for both homebuyers and sellers.The report states Hips have reduced the time it takes for contracts to be exchanged by an average of 12 days.Commenting on the findings, deputy director general of AHIPP Paul Broadhead said Consumers are benefiting from faster transactions, reduced stress, cheaper searches and better protection.However, he acknowledged more work needed to be done to carry on improving the system.Mr Broadhead stated from the beginning of next year Hips would include information intended to be easier to understand.Hips contain information required by buyers and sellers at the start of the home-buying and selling process.They include facts and advice on improving the energy efficiency of a property.