As the United Kingdom is still struggling to get back on its feet after one of the worst recessions in living memory, will the Government’s recent decision to put an end to Home Information Packs (HIPs) provide a much needed boost to the housing market? This is indeed the $64,000 question, and people appear to be in one of two camps over the issue.
One section of the housing industry firmly believes that the abolition of HIPs is now going to provide a massive boost to the still ailing market. They claim that people were put off from selling their property as a consequence of the additional expense that was involved in having to commission such a report and they generally saw the introduction of HIPs as the final nail in the coffin of the housing market at the time.
However, there is definitely another side to this coin. People even within the industry do not feel that HIPs spelt disaster when they were introduced. Indeed, a lot of people fervently believe that HIPs have been used as something of a scapegoat at a time when the market was inevitably going to decline anyway. Even when HIPs were in place, the housing market was still showing positive signs of having come through the worst.