Hips ''help reduce speculative marketing''


Mon 28th Jan, 16:45:44 GMT

Home information packs (Hips) have helped reduce the number of people who put their house on the market without fully thinking the decision through, it has been suggested.

The controversial scheme was rolled out to encompass all residential properties put on the market from December 14th last year and has attracted criticism from many groups since it was launched, with some accusing it of adding another layer of paperwork to the process of buying and selling a house.

However, James Molloy, product manager for AA Legal Services, pointed out that the introduction of the packs has had some benefits for the housing market.

"Hips naturally focus the mind of the seller before marketing their property," he explained.

"We hope that now only those who have a genuine, considered desire to sell their property enter the market at the front end, and Hips have undoubtedly reduced speculative marketing," he explained.

Mr Molloy argued that while there may be "some merit" to the view that speculative market can be helpful to the property sector, he believed it had "contributed to… an unacceptable level of aborted transactions in the pre-Hips era".

"My view is that where we see a reduction in broken chains, a large contributing factor is the introduction of Hips," he said.ADNFCR-1143-ID-18443998-ADNFCR


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