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Property industry hit by the cost of Hips U-turn |
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Wednesday, 19 July 2006 |
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Companies in the property industry were today counting the cost of the government's U-turn on home information packs.
Dismayed mortgage lenders, estate agents and home pack providers have collectively spent an estimated £225m on preparations for the introduction of the packs in June next year. An estimated 4,400 people have also trained as inspectors to carry out the report, at a cost of £7,000 each.
In the wake of minister for housing Yvette Cooper's announcement to drop obligatory home condition reports, which would have formed the survey element of the packs, much of the money spent by companies is likely to have been wasted and demand for the inspectors' work is likely to be far lower than anticipated.
Home Information Packs
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