Hip HIPs away

Whether for or against the new coalition government there is no denying that they have made a few friends, particularly amongst those looking to buy or sell a property, by deciding to scrap Home Information Packs (HIPs).

Introduced in 2007, HIPs were not only unpopular with both estate agents and vendors they were also opposed by the Royal Institution of Chartered Surveyors (RICS). Needless to say the market suffered as homeowners shied away from selling, leaving a big hole in the UK’s housing stock. Home owners were reluctant to fork out money on a pack and agents were unable to market the property until a pack was produced, thereby swiftly stamping out any potential speculative sellers. 

Even though it’s only been a matter of days since HIPs were scrapped and sellers still need to provide an Energy Performance Certificate, there has already been an increase in instructions rising by as much as 30% according to some reports. 

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