HIPs suspension gives agent its busiest week ever

News Category: Industry News

A London agent says it is having its best week ever for instructions, following the suspension of HIPs. 

Eric Walker, managing director of Bushells which was founded in 1937, said that 50% of this month’s new instructions have been placed on the market in the last seven days. 



He said that this flood of new properties has not created a problem, as many predicted, with over-supply.

“Unbelievable though it may seem, the number of sales match exactly the same upturn,” he said, “and 50% of our sales agreed for the month have been negotiated in the last seven days, making this one of our best weeks ever.

“I am also delighted to see there are a significant number of offers still being negotiated.

“So, the first three weeks of May generated 50% of our business for this month and the other 50% has come since the ministers made their announcement.

“There may be a lot of new properties available, but they are selling, not stockpiling.”

Walker added that the figures showed how the election distorted the market, with uncertainty as to the outcome continuing for a week after the polls closed.

“There was also uncertainty over HIPs, so perhaps the first three weeks of May created a state of inertia,” he said.

“Nevertheless, this has been a happy week indeed, and it’s not over yet!”

We'd be interested to know what your experiences are of the post-HIPs market, so do feel free to post.


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