Building societies come out against Hips

The BSA’s position follows a survey of building society chief executives which it says found 84% of them expect the introduction of Hips will have a negative effect on the housing market. New government requirements mean from June 2007 home sellers will be required to produce a Hip which will provide the prospective buyer with information about a property. Estimates around the cost of Hips go as high as £1000, and failure to provide a Hip will be punishable by a fine. The BSA says respondents to the survey are concerned about Hips adding costs without providing any real benefits and t...