Rightmove abandons Hips - papers 27th July

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RIGHTMOVE, THE property website, has pulled the plug on its multimillion-pound plans to provide home information packs (Hips), reports The Times .

According to the paper, the move comes after the government said last week the home condition report element may not be compulsory. The company said it had spent £7m developing services for the provision of Hips and would incur further costs of about £1.2m from ending the work. Rightmove, which hoped to become Britain’s largest provider of the controversial reports on the condition of homes offered for sale, had initially budgeted £22m for the development of its services. But nearly £180m was erased from Rightmove’s market value last week after Yvette Cooper, the housing minister, annou...

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