HIPS Abolished

The government has abolished the Home Information Pack, to industry acclaim. Energy Performance Certificates (EPCs), which are required by EU law, will be retained. Serial entrepreneur and television star, James Caan says the Government's quick thinking in axing Labour's controversial HIPs scheme is a step in the right direction. "This is good news for people desperate to move up the property ladder. The HIPs scheme was a major barrier to fluidity in the housing market," says Caan, founder of a billion pound property fund called Look4aProperty/money. "I believe this is a wise move by the Government and will bring much needed liquidity back." Gillian Charlesworth, RICS Director of Communications said: "HIPs have failed to address the significant problems in the home buying process they were originally supposed to tackle." Dominic Agace, CEO of estate agents, Winkworth, commented: "Abolishing HIPs is likely to have a positive effect on property supply, particularly for speculative sellers who may have been deterred by having to pay upfront for the pack." HIPS cost sellers up to £500 to produce.