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A new era with no HIPs

As of midnight last night the UK government has scrapped Home Information Packs, otherwise known as HIPs, to the joy of estate agents around the country. It was also revealed that since the introduction of the information packs in December 2007 around £1 billion being "wasted" on what many believe were pointless and ultimately unhelpful information packs.

When you consider the amount of money which has been taken out of the system, at a time when the UK economy needs as much inward investment as possible, there are hopes this small move will have a positive impact upon the UK property market. We are now in a situation where the UK property market is showing signs of life but a reluctance of some buyers to step forward and UK banks to increase liquidity may hold back the sector in the short-term.

Many analysts believe that the UK property sector is the key to a future recovery of the UK economy and needs the support of the authorities in the short to medium term. However, with very little in the way of finance available for the UK government at this moment in time it is difficult to say exactly what can be done with regards to inward investment into the UK property sector.

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