The immediate suspension of controversial Home Information Packs (HIPs) is being urged in a bid to kick start the plunging housing market.

The Conservatives say that HIPs are deterring sellers, increasing transaction costs, discouraging people from changing estate agents and reducing the number of sales.

The packs are intended to speed up the home-buying process by providing necessary information upfront, but a clause in the legislation allows them to be suspended if things go wrong, according to the Tories.

Energy Performance Certificates, which are needed to meet an EU directive, could still be provided even if the packs themselves were suspended, the party said.

Shadow Minister for Housing Grant Shapps said: "Before Home Information Packs were introduced, Labour ministers ignored warnings from experts and industry that this new red tape would harm the economy.

"One year on, these warnings have sadly come true. If Gordon Brown genuinely wanted to help the beleaguered housing market, he would use his powers to suspend this harmful regulation and save homebuyers money.

"These little-known provisions to suspend HIPs were introduced for a reason - to undo the regulations quickly if it all went wrong. The next Conservative Government will scrap this unnecessary red tape completely, but a suspension now would deliver those benefits sooner rather than later."

A spokesman for the Department for Communities and Local Government said: "We have absolutely no plans to suspend HIPs.

"They are already bringing benefits to consumers by providing important information to help families cut their fuel bills and carbon emissions, and have reduced the price of property searches by increasing transparency in the home-buying and selling process.

"First-time buyers are also receiving the information in the HIP for free, helping to reduce costs for households looking to get on to the property ladder.

"It is widely acknowledged by experts that the current challenges are a result of global economic pressures also being experienced in the USA and other parts of Europe."

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