UK Money News
30th January 2008
Hips cutting speculative marketing, claims AA Legal Services
Home information packs (Hips) have cut the incidence of homeowners speculatively marketing their properties, it has been claimed.
According to AA Legal Services, the introduction of the packs – and the expense of securing one - has meant that homeowners who do not have a firm intention of selling are discouraged from putting their property on the market.
James Molloy, product manager of AA Legal Services, said: "Hips naturally focus the mind of the seller before marketing their property.
"We hope that now only those who have a genuine, considered desire to sell their property enter the market at the front end, and Hips have undoubtedly reduced speculative marketing."
This development is a positive one and is also set to benefit the UK housing market in the long term, Mr Molloy continued.
"There are many commentators who will argue that speculative rather than deliberate marketing provides for fluidity of supply in the market that ‘oils the wheels’ of the property market, and that view undoubtedly has some merit.
"But it is also true such lack of commitment has contributed to, in my view, an unacceptable level of aborted transactions in the pre-Hips era."
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