Hips setback hits estate agents
Estate Agents - 20/07/2006 16:02:02
One of Britain's top estate agents has lashed out at the government over its sudden u-turn on home information packs (Hips).
Linda Gray, of East Anglia-based Grays estate agency, says she has spent £300,000 on training staff on Hips only to be told the central part of the scheme will no longer be compulsory.
Originally, Hips were to contain a survey carried out by the seller describing the physical state of the property but housing minister Yvette Cooper has said this will now be optional.
Speaking on BBC Radio 4's Today programme, Ms Gray described the u-turn as more of a "multi-car pile up".
She said: "One of the reasons cited by Yvette Cooper is that there are not enough inspectors being trained but I don't think anyone is going to want to invest any money now in being trained for something that they don't know when they're going to be able to use."
She added: "We've done this under government advice, it's a government-approved scheme, we've paid for that, and they promised us it's mandatory from June 1st .
Shares in two of Britain's largest estate agencies, Countrywide and internet firm Rightmove, suffered heavy falls after the announcement was made.
Rightmove had invested £16 million in a nationwide programme to provide Hips for its clients.
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