Home information packs become history

The new coalition government has brought the unpopular home information packs Hips regime to a swift end, it has been reported.

Hips, which were introduced in 2007 in a bid to provide greater transparency for the homebuyer, have been suspended from today.

From the very beginning, Hips were criticised for slowing down the selling process and adding extra costs to homeowners - something that may have contributed to a lack of housing supply.

Housing minister Grant Shapps commented: "Today the new government is ensuring that home information packs are history.

"Home sellers will be able to get on with marketing their home without having to shell out hundreds of pounds upfront."

Mr Shapps said a simple energy performance certificate will now suffice for people selling their property.

Mike Ockenden, director general of Association of Home Information Pack Providers, said his organisation was "hugely disappointed" at the move, which will lead to the loss of 3,000 jobs.

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2010-05-21 10:21:19 © Moneyextra.com