Pickles and Schapps sound the death knell for Home Information Packs

“The expensive and unnecessary Home Information Pack has increased the cost and hassle of selling homes and is stifling a fragile housing market,” said Pickles, who became Communities Secretary in the Coalition Government last week.

Pickles continued: “That's why I am taking emergency action to suspend the HIP, bringing down the cost of selling a home and removing unnecessary regulation from the home buying process. This swift and decisive action will send a strong message to the fragile housing market and prevent uncertainty for both home sellers and buyers.”

Since their introduction in 2007 HIPs have been highly criticised by property market experts and estate agents for adding additional red tape to the house buying process. Sellers typically had to fork-out extra cash, sometimes hundreds of pounds, just to be able to put their home up for sale.

The suspension is estimated to save consumers to the tune of £870m over ten years, giving sellers more money in their pocket to spend in the wider economy. Consumer and industry feedback has highlighted that HIPs were a headache for many people trying to buy and sell their homes.

“Suspending HIPs may help stimulate the housing market convincing homeowners who are currently reluctant to put their homes on the market because of the required paperwork and associated costs to start the process,” said Phil Cliff, Mortgage Director at Santander.