HIP Facilities Group, the biggest provider of home information packs, has ceased trading because of what it called grim market prospects.

The group and its HIP Payment Services said they would not accept new business from August 31. HIP Payment said that it would service needs of customers, agents and Hip providers on any matters relating to existing loans until each case was concluded. The group was a leading provider of 'deferred payment' Hips, whereby home sellers pay when the property is sold.

The Times