Estate agents claim HIPs affecting the market
November 13, 2007 by admin
Filed under News, News-Mortgages
According to many estate agents the controversial Home Information Packs, of HIPs, are having an adverse effect on the housing market, with fewer homeowners with larger properties now putting their homes up for sale.
According to the National Association of Estate Agents there are fewer larger properties on the market now than is normally expected at this time of the year. Many estate agents put this down to consumer reluctance to deal with Home Information Packs, which have been at the centre of controversy since they were introduced.
HIPs are now required for all homes being sold that have three or more bedrooms. Eventually HIPs will be rolled out to all sizes of properties that are being sold, and there are concerns that this could affect the market further. According the government officials the Home Information Packs are of benefit to consumers. However, many industry professionals disagree and state that the packs are harming the housing market and putting many homeowners off selling.
The Chief Executive of the National Association of Estate Agents stated: “Clearly everyone accepts that there are a number of financial and economic factors that have caused the market to take a breather after seven hectic years. However, these figures show that there is an anomaly between instructions on properties where a Hip is required and where one is not.”
He also said: “With sales slowing and normally a traditional autumn bulge in instructions, it would be normal to expect stock levels to be significantly higher. This once again appears to show the adverse effect Hips are having on the market, the lives of consumers and indeed the overall economy.”
Alan Wright
13th November 2007
