I've been watching the HIPs debacle with interest:
HIPs reversal forces market confusion

Question is, is this something that will threaten to undermine the UK property market?

This is especially as the OECD says that UK property is 65% over-valued and gagging for a correction:
House prices 'are 65% too high' | This is Money

Could HIPs be the straw that breaks the camel's back?

A good friend of mine and a tradesman said to me that the new build companies have started offloading staff have but a hold on most if not all of their development projects.

I am in the buy to let game buy have a good head start on the interest rates so I'm not too worried. I have however started to streamline my process and am looking to cut out some unnecessary costs. One move is I am going to put all my property online to remove advertising costs from my process. I spoke to these guys over the phone and there are plan for extensions to the service which will hopefully make my costs go down and the job less painful.

HIP's will have a knock on but they are not going anywhere and the cost is not that much in contrast to property prices.

I'm not sure I will be buying anything for the next 6 months until we get a better picture of how the prices are going to react.