Hips not to blame for housing market slowdown
News Category: Legal
Published: 22-Nov-2007
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The introduction of Home Improvement Packs (Hips) cannot be blamed for contributing to the housing market slowdown, a property expert has claimed.
With the sums involved in purchasing a property, having to pay £300 for a Hip would not be enough to put a landlord off buying a potential residential letting, said Rob Kellermann, managing director of Firsthips.
And he predicted that both industry and public opinion towards the newly introduced packs would soften over time as people became aware of the benefits they offer.
"At the end of the day a Hip costs £300, which you actually save when you buy a property. If you are selling your house for £200,000 you are not going to say 'I'm not selling it anymore because I've got to pay £300," Mr Kellermann said.
"Once people understand what the Hips are about, once they start to get the benefit when they buy, they will see the benefit," he added.
The government today (November 22nd) announced that a Hip will be required for all residential property sold after December 14th.
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