RICS stated that HIPs would alienate FTBs from the market and cause further decreases in sales to aspiring buyers. However, responding to the report, Jeff Smith, chief executive of HIP Payment Services, said: “The latest anti-HIP propaganda from the RICS is both misleading and irresponsible, reflecting a number of the ill-conceived backward thinking policies we have seen coming out of the Tory party in recent months.
“Suggesting that the roll-out of HIPs to one and two-bedroom homes will ‘crunch’ FTBs out of the market is totally misguided. In fact, the opposite is true. The one group that would benefit most from the roll-out of HIPs to one and two-bedroom homes is FTBs.”
Paul Broadhead, deputy director-general at the Association of Home Information Pack Providers (AHIPP), added: “The latest HIP allegations from RICS appear to have disregarded the many benefits that the packs will offer FTBs – the most vulnerable of buying groups.
“What RICS appears to have forgotten is that FTBs stand to benefit the most from the introduction of HIPs. With the vendor responsible for acquiring the HIP, costs will be eliminated and buyers will be able to make a more informed decision from the outset.”
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