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HIPs prove worthy, according to study

Jude Buttle

According to a new study, the introduction of the Home Information Pack (HIP) has made the whole buying transaction a lot quicker.

MyHomeMove, which is the parent company of HIP provider MyHomeInformationPack, carried out research that has found that since HIPs were introduced, the average time a property transaction takes from start to finish has fallen from 52 days to 39 in the year to July 2008.

The Association of Home Information Pack Providers (Ahipp) has revealed that the research shows how effective HIPs are in speeding up transactions.

Commenting on this news, Ahipp director general Mike Ockenden said: "This is yet another example that HIPs, even in their incomplete state, are making a real difference to the time taken to exchange contracts."

This is the second study in a week to state that HIPs is speeding up transactions, after property firm LMS Services said last week that it had found HIPs to have reduced the process time by seven days since they were introduced.