UK Money News
23rd November 2007
Hips 'cannot be blamed for slowdown'
Home information packs (Hips) are not responsible for the slowdown in the housing market, one personal finance body has stated.
According to Firsthips, a firm providing a trading platform for estate agents and property lawyers, the sums of money involved in commissioning a pack are relatively small.
Consequently they are not going to prevent anyone hoping to sell their house from continuing with the project.
The company adds that, with the Hips scheme getting truly underway, public perceptions are set to change.
Rob Kellermann, managing director of the firm, states: "At the end of the day a Hip costs £300, which you actually save when you buy a property.
"If you are selling your house for £200,000 you are not going to say 'I'm not selling it anymore because I've got to pay £300'."
In recent days, the government announced that from December 14th all homes in England and Wales will need to have applied for a hip before they can go on the market.
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