Insurance News Archive
NAEA slams Hips
The introduction of Home Information Packs (Hips) for property sellers next June could cause inflation in house prices and increase interest rates, according to the National Association of Estate Agents (NAEA).
The NAEA claims that a survey carried out in association with research company Tickbox reveals that potential sellers may change their behaviour which could result in a lower number of properties put up for sale.
"From June 1st no property will legally be able to be marketed before a Home Information Pack is in place, subject to a maximum 14 day wait," Peter Bolton King, chief executive of the NAEA, explained.
Mr King went on to say that almost three quarters of respondents said that they would think twice about marketing their property if they knew they could face a bill of £1,000 plus VAT.
Nevertheless, the government has issued a statement defending Hips and predicting that they will particularly help first-time buyers.
16 May 2006