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2 August, 2006 - 07:33 By Staff Reporter

Rightmove ditches £22m investment in HIPs

Leading online estate agent, Rightmove, has decided to ditch a £22 million investment in Home Information Packs (HIPs), giving its share price a much needed lift on the London Stock Exchange.Leading online estate agent, Rightmove, has decided to ditch a £22 million investment in Home Information Packs (HIPs), giving its share price a much needed lift on the London Stock Exchange.

The Milton Keynes-based firm’s price nosedived recently when it announced that the UK Government’s decision to make HIPs optional rather than compulsory would have a detrimental impact on revenues.

To date, the Milton Keynes company has spent approximately £7m on HIPs and exit costs are not expected to exceed £1.2m.

Rightmove’s share price was up to 295 pence from 285 pence – an increase of 3.51 per cent.

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