Sellers 'rush to beat Hips'
News Category: Industry News
Published: 22-Jun-2007
While May saw a rise in the number of properties available in the UK housing market, this was not matched by an increase in the number of people looking to buy, a new report suggests.
The National Association of Estate Agents (NAEA) reports that many extra properties were made available as people prepared to the - now postponed - launch of the home information pack (Hip) scheme on June 1st.
In fact, estate agents reported that the average number of properties for sale per agent increased from 62 to 72.
However, this increase in supply was not matched by a rise in interest from buyers. The NAEA suggested the homeowners might have been put off by the increasing costs associated with moving.
"As predicted there was a huge surge of properties being placed onto the market in May by sellers who were keen to dodge the Hips legislation," explained NAEA president Stewart Lilly.
"Even with the announced delay, agents still found that properties were being placed on their books at a fast pace."
The glut of properties on the market could mean that landlords looking to expand their portfolio of rental properties could pick up some bargains.
