Hips prices fall by 37 percent, expert claims
Posted by Sinks on 27th Jun 2017
The prices of Home Information Packs [uppercase] (Hips) have fallen significantly since their introduction, an industry website has claimed.Reallymoving.com has suggested that since the came into effect in August 2007, Hips have become increasingly affordable.The data suggests that the average price for a Hip was 345 plus VAT in on August 1st 2007, when they were initially introduced for homes of four bedrooms and above, before being mandatory for all homes from December that year.By November 2008, Hips averaged 217 plus VAT, which is a reduction of 37 per cent.The packs have recently been expanded to include energy efficiency information, alongside other data for homeowners and homebuyers.They were introduced in order to increase transparency of information in the housing market.Hips have been the source of much controversy since their inception, with housing minister Margaret Beckett claiming recently that they were not working as well as the government had hoped.