15th Jun 2006 09:32
Rightmove Plc15 June 2006 15 June, 2006 Rightmove plc Rightmove welcomes detailed regulations for Home Information Packs Rightmove plc welcomes the government's detailed regulations for theimplementation of Home Information Packs (HIPs) announced on 14th June 2006.These regulations set out the precise details of the content of a HIP, theregulatory environment in which HIPs will operate and how the transition willtake place to the mandatory requirement for all sellers of homes to have a Packfrom June 2007. They supplement the primary legislation passed as part of the2004 Housing Act. Paul Creffield, MD of Rightmove's Home Information Packs business comments: "We welcome the clarification and increased certainty that these detailedregulations bring. We can now press on to full implementation of the RightmoveHIPs proposition as planned" Rightmove's business plan had conservatively assumed that there would be a rushto market properties ahead of the implementation date, thus avoiding the needfor a HIP and that the remainder of 2007 would see a reduced level of activitybefore volumes returned to their long-term trend in 2008. However, theregulations contain a provision that requires any property which came onto themarket prior to June 2007, and is still being marketed as of 1st November 2007,to have a HIP in order to continue to be marketed thereafter. As a result,Rightmove now anticipates a higher demand for HIPs during 2007. "Our view of the long-term commercial opportunity afforded by the introductionof HIPs is unchanged but we believe the provision of this back stop date islikely to create a demand for an extra 300,000 to 400,000 HIPs across the marketin 2007" adds Paul Creffield. "With our ongoing investment in highly automatedHIPs production technology, Rightmove is well placed to take advantage of thisincreased demand for HIPs in 2007." - ENDS - Enquiries: Rightmove Maud Rousseau +44 (0)20 7318 [email protected] Maitland Neil Bennett / Brian Hudspith +44 (0)20 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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