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Which? says Hips will save 1m a day

Home information packs could save 1m a day being wasted on failed property transactions, says Which?

It estimates that 350m a year is wasted as more than 30 per cent of transactions fall through. Two-fifths of failures result from surveys or valuation inspections that find fault with the property.

Which? believes that Hips should cost around 600 and will cover much of the work done by conveyancers.

Author of the Which? research Kate Faulkner says: “The Hip ought to make buying property a more efficient process and reduce the astonishing failure rate that means a third of accepted offers come to nothing.”

In an early day motion in the House of Commons, Tory backbencher Michael Gove expressed concern over the costs of Hips, which he said could reach 1,000 and discourage people from selling.

Gove said: “There is a new consensus on the need to increase housing supply and help first-time buyers. It would be a tragedy if that new consensus were disrupted by the introduction of an ill-thought-through intervention in the market.”

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