Home Information Packs (HIPs) have been suspended with immediate effect bringing welcome news to sellers, estate agents and the overall property market.

Housing minister Grant Shapps said: “This is a great example of how this new Government is getting straight down to work by cutting pointless red tape.”

Many jobs – up to 10,000 has been estimated – will now be at immediate risk and specialist HIP providers will fold, unless they are able to diversify.

The energy performance part of the HIP will remain in place due to EU legislation and will need to be produced within 28 days of marketing a property.