Insurance News Archive

Hips 'could boost the property industry'

The introduction of Home Information Packs (Hips) may not be as bad for the property industry as was first thought, according to one property expert.

Kevin Hollindrake of the Hunters Property Group North told In2Perspective that Hips will not be as bad for the industry as was initially anticipated.

Hunters began offering 20 to 25 Hips a month on properties in the York and Ripon offices in August 2005.

It also offers a mini-Hip, which includes the firms own version of the Home Condition Report and some basic property information.

Figures show that the company has seen a reduction in the fall-through rate on properties from 30 per cent to eight per cent.

There has also been a 25 per cent reduction in the time taken from the agreement of a sale to exchange of contracts.

Mr Hollingdrake concluded that sellers that have a Hip have commented that they feel more confident about the prospect of selling their home.


© Adfero Ltd

19 Apr 2006