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Conveyancing News: HIPs Could Eliminate Seller Groups |
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Article Published: 15-May-2007
Recent research by the National Association of Estate Agents found that 1 in 5 homeowners would put their house up for sale if their neighbours were getting a good price on their properties.
Estate Agents across the country have found that sellers who want to 'see what happens' make up a significant sector of the UK property market, as knowing the going rate for a home on the same street can be a great motivation in deciding whether to put a property up for sale.
The NAEA warned that the introduction of Home Information Packs on June 1st could eliminate this group of sellers, as it would cost them around £500 to test the market. This may have an overall effect on the property market, which isn't good news at a time when housing stock is already declining across the country.
Peter Bolton King of the NAEA has said, "A significant number of property sales start with a seller 'testing the water'. The inability to do this without paying £500 for a HIP is likely to put many people off. This will reduce the supply of houses available, cause the market to slow down and lead to additional house price inflation, affecting the economy."
Source: Conveyancing-0800.co.uk
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