NAEA: Suspend home information packs

Home information packs (Hips) should be suspended by the government in order to stimulate the property market at a crucial point in its recovery, according to the National Association of Estate Agents (NAEA).

The organisation has called for the immediate suspension of Hips and urged the government to re-examine their viability, after in-house research suggested they are not valued by 77 per cent of purchasers.

Peter Bolton King, chief executive of the NAEA, said: "The cost of the packs punishes sellers, while more than three quarters of buyers … do not consider them before they decide whether to buy a property. During a recession this is an unacceptable situation."

The organisation also urged the government to extend the holiday on stamp duty and commit to examining the "outdated and unpopular" tax to put an end to "regional inequality" in the housing market.

Stamp duty exemption was raised to £175,000 in September last year in a bid to boost the property market.

However, the exemption threshold is due to return to its original amount of £125,000 on December 31st.

Get a buy-to-let building insurance quote today from Simple Landlords Insurance.