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Hips have adverse effect on the market, says NAEA

A survey conducted by the National Association of Estate Agents (NAEA) has indicated that home information packs (Hips) may be having a negative effect on the property market.Some 83 per cent of agents polled reported that requests for market appraisals have dropped, with nine per cent of respondents noting a reduction of more than 50 per cent.When it came to the number of instructions for properties with three of more bedrooms, 76 per cent stated that they had seen decreases of more than ten per cent, of which 46 per cent had seen a drop in excess of 30 per cent, compared to just 37 per cent seeing a of more than ten per cent for one and two bedroom properties.Peter Bolton King, chief executive of the NAEA, commented: "Clearly everyone accepts that there are a number of financial and economic factors that have caused the market to take a breather after seven hectic years. "However, these figures show that there is an anomaly between instructions on properties where a Hip is required and where one is not." He added: "I have heard of many examples where potential sellers have decided against putting their property up for sale because they do not want to risk wasting £300 or indeed much more, if they decide not to sell."

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