FTAdviser.com

Advertising

The Carsberg report, led by Sir Bryan Carsberg, former director-general of the Office of Telecommunications, investigated the efficiency of property transactions.

It made 30 recommendations provide more protection for consumers, one of which was to amend Hip legislation.

The report also called for the regulation of and minimum qualifications for estate agents.

Sir Bryan said: "I am afraid I see that Hip regulation imposes a cost that exceeds the benefit. Much of the information in a Hip is vulnerable to being out of date so I would make that regulation voluntary."

However Sir Bryan also encouraged Hip providers to continue to develop a product that could prove to be of benefit to homebuyers.

He said: "I would hope with some optimism that working in a free market there would be scope to develop their businesses."

Although the report was commissioned by the Royal Institution of Chartered Surveyors, The Association of Residential Letting Agents and the National Association of Estate Agents, at the launch Sir Bryan emphasised that the report was independent and that the sponsors may not necessarily agree with his recommendations.