Home Information Packs (HIPs) Suspended by New Coalition Government
20th May 2010
The new coalition government, which has now been in power for 8 days, has suspended Home Information Packs (HIPs) with immediate effect.
Home Information Packs (HIPs) were introduced in 2007, despite strong opposition from the Royal Institution of Chartered Surveyors (RICS) and National Association of Estate Agents, and include a variety of information about properties for potential homebuyers. HIPs proved unpopular with vendors however, who were requried to foot the bill for the expensive packs.
The HIPs are to be suspended with immediate effect, and therefore anyone selling a house from tomorrow will no longer need to supply a HIP. Energy Performance Certificates, on the other hand, will remain as required under European law.
The suspension of HIPs is likely to spell bad news for the recovering property market, if it results in a surge of speculative sellers.
Articles Source: Home Information Packs (HIPs) Suspended by New Coalition Government
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