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Article: Hips make housing market crisis worse; Estate agents' warning as they call for packs' reform.(Business)
- Article from:
- Daily Post (Liverpool, England)
- Article date:
- August 26, 2008
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Copyright informationCOPYRIGHT 2008 MGN Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: By NICKY BURRIDGE
ESTATE agents called on the Government yesterday to urgently review its controversial Home Information Packs (Hips) in a bid to help the troubled property market.
The National Association of Estate Agents (NAEA) said the packs, which were introduced last year, were not fit for purpose and were the wrong answer to simplifying the house buying process.
The group added that the requirement for the packs to include local searches was "madness", as due to the length of time property is currently taking to sell, the majority of searches were out of date by the time a transaction took place.
As a result it said these searches had to be ...
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