MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) said in a release Thursday night that it had anticipated for many months that the United Kingdom government would suspend the use of Home Information Packs (HIPs).
In the U.K., home sellers were required to provide HIPs when selling their homes.
But many U.K. citizens view HIPS, which essentially are packaged information documents about a home, as an unnecessary cost.
The new coalition government in the U.K. suspended the HIPS requirement Thursday.
MDA, which is the largest provider of property search information in England and Wales, said it has put a plan in place to address the loss of business it will suffer from the U.K. government’s decision.