Hips make property market 'more complex'

Home Information Packs (Hips) have made the property market more expensive and "more complex", according to latest research.

Property firm Your Move has said that Hips are discouraging people from entering the property market during the credit crunch.

Jane Walmsley, area sales director at Your Move, said that any extra expenses such as Hips were not helping the housing market.

"I think it's made it more complex at a time when there is no money about and if someone has to fork out for a Hip, it obviously doesn't help the housing market," Ms Walmsley said.

Hips were introduced from August 1st 2007 and were initially required for homes of four bedrooms or more.

However, since December 2007, every property put on the market is required to have a Hip, meaning that more people are sticking to renting in London.

A Hip includes information such as a sale statement, local searches and evidence of title, as well as an Energy Performance Certificate.

This follows a poll carried out in March 2008 by the government, which found that 41 per cent of buyers felt that Hips did not make the buying process any simpler.

Published 11th August, 2008

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