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Conveyancing News: Asking Prices Soar as HIPs Approach |
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Article Published: 30-Apr-2007 Research by online estate agent Rightmove has found that the average price of properties which went on the market in April were almost £8,500 higher than those in March. Rightmove believes that the recent increases are a result of unique market conditions. Such marketing conditions include: · Traditional Easter leap in house prices · Shortage of supply · High demand · Mortgage lenders trying to accommodate buyers · And the introduction of home information packs (HIPs) on June 1st All homes put on the market after 1st June will have to have a HIP. These packs have been estimated to cost several hundred pounds. So, homeowners are being urged to put there home on the market before the deadline to avoid paying the price of the pack. Once on the market, homes can stay for sale until November until a HIP is required. Rightmoves Miles Shipside says, "The early indications are that the spring timing of the run in to Hips implementation, combined with the current market conditions, will lead to a distortion of traditional market forces over the coming months." Source: Conveyancing-0800.co.uk |
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