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Conveyancing News: 884,000 properties on the market in the countdown to HIPs |
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Article Published: 22-May-2007
A report compiled by property information provider Spring has found that 884,000 homeowners have put their homes on the market over the past 3 months, in order to beat the introduction of HIPs.
HIPs are set to become a compulsory requirement on June 1st, and property experts are currently estimating that the packs may cost upwards of £500 depending on the content. The packs must include an Energy Performance Certificate and other documents such as title deeds and searches.
Spring warns that this sudden influx of homes on the market could cause property prices to inflate.
Springs CEO, Stephen Foden says, "We believe that many of the people who have recently put their homes on the market were planning to sell later on in the year and they are only marketing them now to avoid paying for a HIP. This means that they are far more likely to inflate their asking price and are also more prepared to hold out for this because they are not necessarily in a hurry to sell. We are not surprised that so many people have put their properties on the market before 1st June. HIPs will add hundreds of pounds to the cost of selling a property and many estate agents have been working hard to try and persuade owners to market their homes before their introduction."
Source: Conveyancing-0800.co.uk
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