200,000 earmarked for Hips

Posted: 29 May 2007 11:20:51 GMT


            Property News - 200,000 earmarked for Hips

Fewer than 200,000 property sellers are likely to need Home Information Packs (Hips) when they are introduced on a staggered basis later this year, market observers have claimed.

Fewer than 200,000 property sellers are likely to need Home Information Packs (Hips) when they are introduced on a staggered basis later this year, market observers have claimed.

The government announced last week that the launch of Hips will be postponed until August, and that only houses with four or more bedrooms will be initially required to supply the packs.

This means that only 198,000 homes each month will need to supply the packs, the property company Rightmove reports - far fewer than the 240,000 properties the property industry is gearing up to handle.

Rightmove's Henry Prior said that this could mean problems for estate agents and Hip providers who have invested millions in preparation for a full-scale market-wide Hips roll-out.

"With only 25 per cent of homes now requiring a Home Information Pack there is clearly going to be a considerable financial cost to many because of this postponement and the changes that have been announced and it is still unclear who will get the blame for this," he said.

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