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Friday, 28 July 2006 |
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Rightmove has pulled out of the HIPs market following the Government's decision to change the rules on the packs.
The Rightmove board initiated a review in response to the announcement from the minister for housing and planning, Yvette Cooper, who said that the home condition report within a home information pack (HIP) would be voluntary.
Rightmove had planned to spend £22m developing its HIP proposition, of which it had already spent £7m. It does not expect exit costs to exceed £1.2m.
The company's exit from the market could open up opportunities for other HIP providers. Dominic Toller, director of marketing and new business for LMS, said he expected there to be a lot of consolidation of HIP providers, leaving only four or five providers and allowing those remaining to increase market share.
Home Information Packs
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