LONDON (Thomson Financial) - Network Data Holdings Plc. said it has placed
its home information packs (HIP) unit Hipstar Ltd., which incurred losses, into
administration.
Network Data said in 2007 the market saw a slow and staggered start to the
HIPs legislation, while property sales in 2008 fell up to 50 percent on the 2007
levels.
The company said there is no sign of any medium-term improvement in the
housing market and some industry commentators are predicting at least another 12
months of depressed property sales.
However, Hipstar losses have already been written off in the company's
accounts and there will be no further impact on the accounts, it added.
The other group companies Network Data Ltd., the largest network of mortgage
intermediaries in United Kingdom, and Network Surveyors Ltd., a panel management
service for property valuations, are not affected by the closure of Hipstar.
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