House sellers liberated by demise of HIPs
The Government’s decision to scrap Home Information Packs (HIPs) has resulted in a surge of new instructions.
The UK’s biggest estate agency has reported that the number of homes being put up for sale has risen by a third since 20th May, when ministers called time on the packs.
According to Countrywide, new instructions are up 68% compared with the same period last year, and back to levels last seen in September 2007.
HIPs were introduced in England and Wales three years ago, despite strong opposition from the Royal Institution of Chartered Surveyors (RICS) and National Association of Estate Agents.
Costing around £300 a time, they were immediately blamed for distorting the market by removing speculative sellers.
However, the UK housing market may not benefit from a flurry of new vendors at this stage in its recovery.
According to the RICS, new instructions have been outstripping new buyer interest since March, with the inevitable downward pressure on prices.
Finally, house sellers are reminded that they still need an Energy Performance Certificate, which was previously part of the HIP and is valid for 10 years.