Insurance News Archive

Hips to have 'minimal' benefits for property buyers

Property group Firstrung has said that the soon-to-be introduced Home Information Packs (Hips) will only bring minimal benefits to those people looking to invest in bricks and mortar for the first time.

Asked whether they would have much effect on the property market in their current form, Paul Holmes, chief executive of Firstrung, said: "I think it's stage one, and it's very typical of our country to shy away from drama."

He added: "Things have to be introduced on a piecemeal basis to get everybody used to something."

Although speculating that initially the benefit of Hips would be minimal, Mr Holmes said he was looking forward to their full introduction in June 2007.

Hips will require homeowners looking to sell their property to compile a dossier of information on their home, part of which it is hoped will make the housing market more transparent.

19 Dec 2006