Entries (RSS)Estate agents call for the suspension of HIPs
The Financial Times has reported that Estate agents are calling for home sellers’ packs (HIPs) to be suspended, since they are deemed by many to be an expensive waste of time.
The price tag is typically £300 and this is incurred by the vendor before they know there is a willing purchaser. In the current environment where house prices have been falling for the past year, this cost has therefore brought additional problems to sellers. Estate agents have called for HIPs to be suspended for at least a year in order to give the housing market a period of time to recover.
The FT has reported that The National Audit Office found that 80 per cent of buyers do not see a HIP before making an offer on a house, and most said the HIP had no effect on their decision.
The Conservative party has said it is committed to abolishing Hips.
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