Imminent Hips launch boosts property market
News Category: Industry News
Published: 18-Jun-2007
The impending arrival of Home Information Packs (Hips) has caused a surge in the availability of property across the UK, new figures have revealed.
According to Rightmove, the number of properties for sale per estate agent saw its highest rise in three years last month, with 200,000 properties going onto the market in a bid to beat the introduction of Hips.
"The rush to beat the impending Hips deadline appears to have attracted some poorly motivated sellers," said Miles Shipside of Rightmove.
"Ironically those that sought to save a few hundred pounds by avoiding the home information packs have contributed to a glut of property on the market which will actually cost them money as they have to discount their prices to sell," he added.
However, the rise in availability did not lead to a fall in prices, due to annual inflation picking up to 13.2 per cent.
According to Rightmove, the average house price in Britain is now £239,317 - a monthly rise of 0.8 per cent.
It will become mandatory for anyone selling a house with four or more bedrooms in England or Wales to purchase a Hip from August 1st, 2007. Smaller properties will then be phased in over the coming months.
