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Market News
May 2010
Home Information Packs to be abolished this week
Fears have been mounting that unless the new Government acts swiftly to abolish Home Information Packs, the housing market will grind to a halt. It now seems that an order to suspend HIPs was signed last Friday morning, with the formal announcement to be made this week.
The HIP industry is anxiously awaiting developments, and could mount a legal challenge to the suspension.
Until Parliament agrees a suspension, it still remains illegal to market a property without a HIP but this has triggered sellers being unwilling to put their property on the market in order to avoid paying out the £200-300 on something that is soon to be abolished.
Not surprisingly there have already been reports of sellers trying to instruct estate agents to market their property without a HIP. The estate agent is then left in an impossible position – either they break the law or risk losing the potential instruction.
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