Hips get full roll out

22-Nov-2007

Hips home packs get full roll-out Hips have split opinion over whether or not they are needed Home information packs (Hips) will be required for all properties being sold in England and Wales from 14 December, the government has announced.

Since September, all properties with three or more bedrooms have required a Hip before they can be sold. The packs have proved controversial, with many critics claiming that they have made it more difficult and expensive to sell property.

The government insists the packs are bringing benefits to consumers. Housing Minister Yvette Cooper said that the extended roll-out would help first-time buyers by providing them with more information. However, earlier this month, the National Association of Estate Agents (NAEA) warned that fewer large properties were coming onto the market than in earlier years.

They claimed that Hips were amplifying problems in the housing market that had been caused by higher interest rates and a slowdown in price growth.

SOURCE BBC News Online