Home Information Packs (Hips) are "stunting" recovery in the property sector and deterring homeowners from putting their property on the market, new research suggests.
A survey of NAEA (National Association of Estate Agents) members found that 10 per cent of agents believe the number of sellers would double if Hips were taken off the market, while one in five thought the number of sellers would increase by 20 – 25 per cent.
The findings also discovered that 91 per cent of UK estate agents are adamant that customers pay little or no attention to the controversial packs .
NAEA chief executive Peter Bolton King commented: " Hips are controversial and in the our opinion, relatively useless. That is bad enough, but these figures suggest that professional agents believe that they are actively harming the market."
"The figures are significant because of fears that housing market recovery is being stunted because increased demand for property among buyers is not being matched by a supply of houses for sale ."
He added: "The Government should look at scrapping these packs, at the very least until the market has recovered. At that stage they should be reviewed."
"The NAEA would be happy to offer its professional opinion as to the best way forward."
In April the NAEA criticised the introduction of new rules regarding Hips, whereby they are required to be completed before a home can be put up for sale .
It said just under two thirds (65 per cent) of estate agents claimed the new rules would discourage sellers from putting their properties on the market.
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Home Information Packs Hindering Market Recovery Wed, 10 Jun 2009
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