Since the HIPS have been scrapped the number of properties being added to the market has increased. The UK’s leading property website has been reported to say listings on its website “had soared by 35%” in the seven days since the axe of hips. In particular the North West of the UK had a rise of 12%.
Home information packs were implemented to speed up the process of selling. (HIPs provided the buyer with all the necessary information about a property, without them having to fork out any extra cash.) This not always the case. Estate agents claimed that this extra barrier was putting off potential sellers as the upfront costs were considerably high – and people became reluctant to test the market.
According to the Press Association “91% of estate agents thought house hunters paid little or no attention to it”.