Hips benefit homebuyers

The number of speculative property marketers has fallen as a result of the introduction of Home information packs (Hips).

That is according to AA Legal Services, which revealed that people are less likely to speculatively market their property if they know they have to pay for a pack.

Traditionally, many homeowners have put their homes up for sale just to see how much they would get for it should they decide to sell.

This has proved very frustrating for some buyers, who believe they have secured a property only to see the deal fall through at the last minute.

With the introduction of Hips, home sellers needed to pay around £300 in order to get a pack and sell their property.

AA Legal Services said that fewer people are inclined to do this.

"Hips naturally focus the mind of the seller before marketing their property. 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," said James Molloy from the firm.

"My view is that where we see a reduction in broken chains, a large contributing factor is the introduction of Hips," he added.

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