Tuesday, 5 August 2008

Estate Agents breaking the law on HIPS

Various people are carrying the report that the Law Society has indicated many estate agents are breaking the law and not conforming with the HIPs process.

Law Society president, Mr Marsh told BBC Radio 4's Today programme, "The evidence is that these Hips are being ordered and not being processed. They are being suspended until such time as a buyer is found."

"I don't think it is within the spirit of the regulations. Actually, I don't think it is within the regulations."

The NAEA, not unsurprisingly, stated that "there probably are some estate agents who are flouting the law, but it is understandable in this absolutely catastrophically bad market."

"We don't condone flouting the law, but I can certainly understand why they are doing it, especially as the pack is completely useless to buyer and seller,"

Useless, uncessary and unwelcome appears to be the feedback and during bleak times this has shades of the Poll Tax. I don't foresee riots, but perhaps Milliband will use this as a weapon to bring down Brown. The Tories have already indicated they would scrap HIPS so not good news for the HIP providers either way.

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