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Hips set to hurt sales of three-bed homes

Wednesday, 12 September 2007 12:00 AM

The government's home information pack (Hip) scheme will adversely affect the sales of three-bedroom houses according to the National Association of Estate Agents (NAEA).

The scheme was made compulsory for three-bedroom houses on September 10th, expanding on existing requirements for four-bedroom houses.

However, there are fears Hips are already damaging the housing market.

Since the introduction of Hips for four-bedroom homes on August 1st, 63 per cent of estate agents have reported a fall in the number larger properties entering the market, well above the seasonal norm.

According to estate agents the average number of four-bedroom houses available fell by 37 per cent, with Hips cited as the principal reason.

"Our concerns have always been that the introduction of Hips would lead to a lack of supply following implementation," commented Peter Bolton King, chief executive of the NAEA.

"This does indeed seem to be the case with four-bedroom homes and is now likely to be replicated in the three-bedroom homes market. The next few months will prove crucial in seeing whether Hips are going to cause the sort of problems we feared."

The average Hip presently costs around £350.

NAEA members have been expressing deep concern about the scheme.

"It seems nobody in government understands the buying and selling process at all," commented one.

"The pack was brought in to reduce abortive costs and achieve a faster exchange of contracts - both of the government's aims have failed miserably," added another.

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