Connells Survey & Valuation has reported a surge as seller confidence in June, the first clear month in which Home Information Packs have been abolished. The nationwide property valuation service saw a 20% rise in valuations, compared with a year earlier, taking volumes in the second quarter of 2010 up 13% on the same period [...]
The Royal Institution of Chartered Surveyors (RICS) has reported a rise in stock levels on estate agents’ books, following last month’s abolition of Home Information Packs. In May 21% more RICS members reported a rise, rather than a fall, in new instructions, up from 11% in April. In addition, 22% more chartered surveyors reported a [...]
House prices dipped by 0.4% in May, following a 0.1% decline in April, Halifax has reported. However, taking an average of the latest three months, the value of the typical home increased 6.9% on the same period of 2009, reflecting the biggest annual rate of change since October 2007 (8.9%). Prices are therefore 8.3% above [...]
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 [...]
Home Information Packs (HIPs) will no longer be required for house sellers from tomorrow, 21st May 2010. The costly packs were introduced in 2007 in England and Wales, despite strong opposition from the Royal Institution of Chartered Surveyors (RICS) and National Association of Estate Agents. A final good-bye to the HIP involves legislative changes and [...]
As the new Coalition Government gets underway, it has been revealed that Child Trust Funds (CTFs) will be reviewed and while full details are not yet clear, it is believed that payments will only be made to families with household incomes of less than £16,000 a year. CTFs were introduced in 2005 and have been [...]
The Conservative/Liberal Democrat coalition government has confirmed that it is proposing to scrap the unpopular Home Information Pack (HIP), while retaining energy performance certificates, which are required under European law. HIPs were introduced in 2007 despite strong opposition from the Royal Institution of Chartered Surveyors and National Association of Estate Agents, who argued that the [...]
New figures from The Conservative Party claim that around two million house sellers have so far stumped up a combined £657.6 million for Home Information Packs (HIPs). The packs were phased in during 2007, just as the UK property market began to crumble, and their usefulness has remained in question as they do not contain [...]
An investigation by Channel 4 News claims that up to £100 is being added to the cost of some Home Information Packs (HIPS) to line the pockets of estate agents. In one case cited by the programme, a homeowner was paying almost £150 more for a pack than the price originally quoted by the HIP [...]
New government legislation on Home Information Packs (HIPs) will cause home sellers ‘significant delays’ in getting their property to market, The Nottingham warned this week. The East Midlands-based building society warned that the new legal status of HIPs will make home-selling a ‘major logistical exercise’. From 6 April, all home sellers will be required to [...]
Housing minister, Margaret Beckett, stands accused of putting additional pressure on homeowners by changing the rules that govern Home Information Packs (Hips). Currently vendors can market their properties without a Hip providing they have made arrangements for one to be available within 28 days, however, from 6th April 2009 a pack must be available from [...]
Recently appointed housing minister, Margaret Beckett, has made reference to weaknesses in the Home Information Pack (HIP) scheme in an address to the House of Commons. The minister made it clear that HIPs are here to stay but acknowledged shortcomings in the scheme mean that the full potential of the packs has not been achieved. [...]
The National Association of Estate Agents (NAEA) is demanding a review of Home Information Packs (Hips) because the slowdown in the housing market means that some of the packs are out of date before a property is sold. The packs were intended to simplify and speed up the house selling process but the majority of [...]
The Government wants to improve Home Information Packs (HIPs) to reduce the likelihood of problems emerging well into the sales process. Under the proposals, HIPS could include a property information questionnaire that would relate to such issues as building work carried out, energy and utility suppliers, parking arrangements and Council Tax banding. A consultation has [...]
A new report on the residential property sector in England and Wales is recommending a number of reforms for the property buying and selling industry. The Carsberg Review was commissioned by the Royal Institution of Chartered Surveyors, the National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents. It criticises the system [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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