Public to save £900m through HIP suspension

Eric Pickles, the Secretary of State for Communities and Local Government, has recently announced that the removal of Home Information Packs (HIPs) could save the general public up to £900million over the next decade.

Speaking in the House of Commons Pickles stated that there was “joy and happiness” amongst UK estate agents thanks to the suspension of HIPs. He also spoke of a plan to speed up with e-conveyancing process as the Government was in favour of house sales.

Pickles said: “The suspension of HIPs has given a much-needed boost to the housing market. Reports from the industry suggest that the number of new homes coming on to the market has increased by more than one third since HIPs were suspended. We have also estimated that abolishing HIPs could save consumers just short of £900million over the next ten years.”

Source: Estate Agency News