HIP replacement? 14/08/2008

The suspension of Home Information Packs is being touted as the simplest way to boost the UK's housing market.

The controversial HIPs have attracted mixed views since their launch almostexactly a year ago. When HIPs were rolled out to cover all properties by December 14th 2007, the former Housing Minister, Yvette Cooper, said that the extensionwould help first time buyers. However, surveyors warned that the extra �350 to �500 cost of the packs tosellers would wipe 300,000 properties off estate agents' books within months,and other industry experts said that the packs could well cause the market to grind to a halt.

Now, calls to suspend the HIPs are getting louder, in the light of the economical situation. The suspension is thought by many to be the easiest way to help make transactions more straight forward, thus speeding up the housing market.

Conservative Parliamentary Prospective Candidate for Penistone and Stockbridge, Spencer Pitfield, said, 'Twelve months on from their introduction, there isgrowing evidence that HIPS deter speculative sellers, increase transactioncosts, discourage sellers from changing estate agent and reduce the number of housing transactions.'

Mr Pitfield also repeated the Conservative Party's pledge to axe stamp duty if it were to win the next election.

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