The chief executive of estate agency chain Spicerhaart has branded home information packs (Hips) "an absolute waste of time".

Paul Smith made the comments in reaction to figures which revealed that just ten per cent of buyers purchasing three or four bedroom homes covered by the scheme read all the information contained in a Hip before they make an offer.

"Hips are an absolute waste of time, viewed overwhelmingly as an irrelevance and an unnecessary cost. Our figures show a complete rejection by buyers," he said.

"Preferably the government should scrap Hips immediately and the whole debacle should be written off as a mistake. This should help restore consumer confidence."

The controversial scheme has been greeted with displeasure by many in the property sector since it was first rolled out for properties with more than four bedrooms over the summer.

Last week, estate agency Knight Frank warned that despite a fairly calm initial roll-out, upcoming changes in the rules governing Hips could make things more complicated as all properties will require a pack before they can be put on the market.